Crypto regulation in Singapore
A licensing hub with strict limits on marketing crypto to the public.
Crypto is legal in Singapore. Firms offering digital payment token services must be licensed by the Monetary Authority of Singapore (MAS), and since June 30, 2025 Singapore-based firms serving only overseas customers also need a license, which MAS said it would rarely grant. Retail protections limit marketing and credit. Singapore has no capital gains tax, so most individuals' long-term investment gains are not taxed.
Last reviewed: November 2026. Facts on this page were checked against official sources on November 4, 2026.
Singapore at a glance
| Owning crypto | Legal. |
|---|---|
| Buying and selling | Through MAS-licensed digital payment token service providers. |
| Paying with crypto | Legal, not legal tender. |
| Exchange licensing | Payment Services Act licence; Digital Token Service Provider rules since June 30, 2025. |
| Mining | Legal; little activity. |
| Tax | No capital gains tax; trading as a business is taxed as income. |
| Stablecoins | MAS framework for single-currency stablecoins (finalized 2023), with a "MAS-regulated stablecoin" label. |
| Restrictions and bans | No public advertising of crypto; no credit or leverage for retail crypto purchases. |
Owning crypto
Owning crypto is legal. MAS repeatedly warns that crypto is highly risky and not suitable for most retail investors.
Buying and selling
Exchanges and brokers serving Singapore customers must hold a licence under the Payment Services Act 2019. Licensed firms must assess retail customers' understanding of the risks, may not offer them incentives to trade, and may not lend them money or offer leverage for crypto purchases. Check the MAS Financial Institutions Directory before using a platform.
Paying with crypto
Crypto is not legal tender. Supplies of digital payment tokens have been exempt from goods and services tax since January 2020.
Exchange licensing
Besides the Payment Services Act, the Financial Services and Markets Act requires Singapore-based firms that provide crypto services only to customers outside Singapore to be licensed as Digital Token Service Providers from June 30, 2025. MAS said it would grant such licences only in very limited cases, which pushed several firms to move elsewhere.
Mining
Mining is legal but uncommon given Singapore's land and power costs.
Tax
Singapore does not tax capital gains. If you buy crypto as a long-term investment, gains are generally not taxed. If you trade frequently as a business, or receive crypto as payment, the Inland Revenue Authority of Singapore treats it as taxable income.
Stablecoins
MAS finalized a stablecoin framework in August 2023 for single-currency stablecoins pegged to the Singapore dollar or a G10 currency and issued in Singapore. Compliant coins can use the label "MAS-regulated stablecoin," with requirements on reserves, redemption at par within five business days and disclosure.
Restrictions and bans
- Crypto firms may not advertise to the general public in places such as public transport or social media (guidelines since January 2022).
- Retail customers can't use credit cards or loans from the provider to buy crypto.
What changed recently
Payment Services Act takes effect; crypto firms need MAS licences.
Guidelines ban crypto advertising to the public.
Stablecoin framework finalized.
Digital Token Service Provider licensing applies to firms serving only overseas customers.
- MAS publishes changes to its guidance regularly; check the MAS website for the current rules.
This page summarizes the rules for general understanding. Laws change, and how they apply depends on your circumstances. For a decision that matters, check the official sources below or ask a qualified local adviser.
Frequently asked questions
Is crypto legal in Singapore?
Yes. Firms must be licensed by MAS, and crypto can't be advertised to the general public.
Is crypto taxed in Singapore?
Singapore has no capital gains tax, so long-term investment gains usually aren't taxed. Trading as a business is taxed as income.
Where to next
Sources
- Digital payment token services (Monetary Authority of Singapore)
- e-Tax Guide: Income tax treatment of digital tokens (Inland Revenue Authority of Singapore, PDF)
- MAS finalises stablecoin regulatory framework (MAS, August 2023)
Written for beginners and checked against the sources listed. Last reviewed November 2026. This page is educational and is not financial, tax or legal advice. How we write and check pages.