Crypto license in Singapore

Obtaining crypto licenses, white label consulting,
ICO/STO, supporting NFT marketplaces, drafting policies
for crypto projects, DAOs, and gamify projects

Singapore is considered one of the best jurisdictions for entrepreneurs planning to launch a crypto business. As a major financial center in Southeast Asia, Singapore attracts investors with transparent legal regulations, financial and economic stability, favorable tax conditions compared to some other jurisdictions, and support for innovative technologies and IT startups. If you are planning to launch a crypto project and want to obtain a financial license in Singapore, which also includes crypto services, experts from SBSB Fintech Lawyers recommend studying the requirements and peculiarities of the jurisdiction before making a decision.

Advantages of Singapore Crypto License and Jurisdiction

Many companies prefer the Singaporean permit for dealing with digital assets. The favorable ecosystem for financial industry development and lenient regulations for blockchain projects help in accessing the vast Asian market. Obtaining permission to open a Singapore licensed crypto exchange allows entrepreneurs to operate within well-defined rules and norms, offering a broader range of services compared to similar permits in other jurisdictions.

Cryptocurrency Regulation in Singapore

For several years, Singapore has been one of the most prestigious jurisdictions for crypto businesses worldwide, thanks to the transparent cryptocurrency legal framework in Singapore. The Monetary Authority of Singapore (MAS), a financial regulatory authority, actively promotes the country as an international financial center. Blockchain licensing in Singapore, enacting various legislative acts, and establishing transparent regulatory requirements for digital assets are crucial aspects of transforming the entire financial industry.

In 2019, MAS, responsible for Singapore Crypto Regulations, enacted the Payment Services Act (PSA). This legislative act, effective in 2020, outlines crypto trading regulations in Singapore and the licensing procedure for virtual asset service providers.

Singapore Blockchain Laws also include regulations relating to SCS-linked stablecoins. The Securities and Futures Act regulates securities exchanges and exchanges trading securities tokens.

How Foreign Investors Can Obtain Financial Cryptocurrency License Singapore

In this jurisdiction, entrepreneurs can obtain two types of licenses:

  • Standard Payment Institution (SPI);
  • Major Payment Institution (MPI).

Despite some differences in the conditions for obtaining them (such as the size of the security deposit, registered capital, government fees, and limits on monthly transactions), both licenses allow working with cryptocurrency:

  • creating electronic wallets and conducting payments;
  • exchanging fiat money and cryptocurrencies;
  • carrying out transactions on behalf of users and managing their crypto wallets.

SBSB specialists emphasize that licensees must strictly adhere to legal norms and standards related to KYC and AML policies. Comprehensive legal support, including Singapore cryptocurrency compliance, helps minimize the risks of legal violations and prevent the laundering of illicit proceeds through cryptocurrency operations on launched platforms.

Regulatory Requirements for Obtaining Digital Asset License in Singapore

The standard licensing procedure involves several stages:

  • document preparation for registration;
  • business plan development, KYC, and AML policies;
  • company registration in Singapore;
  • opening bank accounts and paying the registered capital;
  • finding and leasing a physical office;
  • hiring qualified personnel, including Singaporean residents as directors and AML officers;
  • submitting the application to the regulator;
  • launching the project after successfully obtaining the crypto license Singapore.

A permanent office and the actual presence of some employees with relevant experience are mandatory rules for payment service providers. Companies that have obtained a crypto exchange license Singapore are obligated to implement and strictly adhere to measures to counter money laundering. They must also conduct internal and external audits annually and provide reports on the conducted checks.

Compliance with rules established by the regulator, all procedures, and measures to reduce risks associated with the digital currency authorization in Singapore and the company’s subsequent activities are aimed at creating a transparent market for cryptocurrency services, securing the funds of users and virtual assets, and protecting the interests of service providers while preventing financial crimes.

Cost of the Singaporean Digital Currency License

The final cost of each project is calculated individually, as it depends on the chosen license type. Additionally, changes in legislation and new regulator requirements may affect the duration of the licensing procedure and the size of mandatory payments. For up-to-date information on the price of the crypto license in Singapore, consult with SBSB specialists.

Why You Should Consult SBSB Fintech Lawyers for Obtaining Singapore Crypto Exchange License

Since 2013, the SBSB team of experts has provided comprehensive legal support for crypto businesses. Experienced lawyers assist clients in navigating complex bureaucratic issues at all stages of obtaining a cryptocurrency license in Singapore, from preparing the necessary documentation to launching the crypto project.

Contact our specialists for more detailed information, and we will answer all your questions!

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Ivan Nevzorov

Head of Fintech Department

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