Crypto Company Setup in Singapore: MAS DPT Licence Guide (2026)

Published: 18 September 2026 · Reviewed by Ray Tay, Co-Founder & Managing Director, VIVOS PTE. LTD. (ACRA Filing Agent FA20240323 · MOM EA Licence 24S2425)

Quick answer: Yes, you can incorporate a Singapore Pte Ltd for a crypto business, but running one now almost always requires a MAS Digital Payment Token (DPT) service licence under the Payment Services Act 2019 — as a Standard Payment Institution (S$100,000 base capital) or, more often for DPT activity, a Major Payment Institution (S$500,000 base capital). Since 30 June 2025, this applies even if your company serves only customers outside Singapore — MAS closed the “overseas-only” exemption that many crypto firms previously relied on. Incorporation takes 1-3 days; the MAS licence typically takes 8-14 months.

TL;DR:

• Buying, selling, exchanging, transferring, or providing custodial wallet services for cryptocurrency in or from Singapore is a regulated “digital payment token service” under the Payment Services Act.
• DPT service providers need an SPI or MPI licence — in practice, most crypto exchanges and custodians end up at MPI, with S$500,000 base capital (higher than the standard S$250,000 MPI tier for other payment services).
• The “overseas-only” loophole is closed. From 30 June 2025, a Singapore-incorporated digital token service provider serving only customers outside Singapore must still be licensed as a Digital Token Service Provider (DTSP).
• MAS restricts marketing DPT services to Singapore retail customers — this shapes how you can advertise even once licensed.
• Expect 8-14 months from a complete application to a decision, plus a resident director, an approved compliance officer, and a full AML/CFT and technology-risk framework before you apply.
• VIVOS incorporates the entity and structures it for a licence application; the DPT/DTSP licence filing itself runs alongside a specialist crypto-compliance consultant or law firm.

What Counts as a Digital Payment Token Service?

“Digital payment token” is MAS’s regulatory term for cryptocurrency — Bitcoin, Ethereum, and similar tokens that function as a medium of exchange (it does not cover securities tokens or NFTs used purely as collectibles, which sit under different rules). A DPT service, requiring a licence, includes:

• Dealing in DPT — buying or selling crypto as a business, including running an exchange.
• Facilitating the exchange of DPT — matching buyers and sellers, even without taking custody.
• Facilitating the transmission of DPT — moving crypto on a customer’s instruction.
• Providing custodial wallet services — holding private keys or crypto on behalf of customers.
• Inducing or attempting to induce a person to buy or sell DPT (broking/advisory activity that crosses into dealing).

If your Singapore entity does any of the above, incorporation alone is not enough — you need a Payment Services Act licence before you can legally operate.

SPI vs MPI for Crypto Businesses

Because DPT-specific MPI base capital (S$500,000) is double the standard MPI tier for other payment activities, most serious crypto businesses budget for MPI from day one rather than starting at SPI and upgrading — the compliance build-out required for either tier is similar, so there is little benefit to starting smaller unless transaction volumes are genuinely minimal. For the full MPI/SPI framework shared across all payment services, see our fintech and payment services licensing guide.

The 2025 Rule Change: the Overseas-Only Loophole Is Closed

For years, a common structure was a Singapore-incorporated crypto company that deliberately served only customers outside Singapore, on the understanding that MAS’s licensing regime was aimed at businesses serving the local market. MAS’s Guidelines on Licensing for Digital Token Service Providers, which took effect 30 June 2025, closed that gap. A Singapore-incorporated (or Singapore-based) entity providing digital token services solely to customers outside Singapore must now be licensed as a Digital Token Service Provider (DTSP) — a separate licensing track from the standard DPT service provider licence, but built on the same fit-and-proper, AML/CFT, and capital foundations.

Practically, this means the old “we’re Singapore-incorporated but Singapore isn’t our market, so we’re not MAS’s problem” position no longer holds. If your entity is set up in Singapore and touches crypto in any of the five regulated ways, MAS now expects a licence application regardless of where your customers sit.

Step-by-Step: Structuring Before You Apply

1. Incorporate a Pte Ltd with ACRA — sole proprietorships and LLPs cannot hold a payment services licence.
2. Appoint a Singapore-resident director who is genuinely involved in operations, not a nominee for form’s sake — MAS scrutinises this closely for crypto applicants specifically.
3. Pay in base capital — budget S$500,000 if you expect to sit at MPI tier for DPT activity, which most operating crypto businesses do.
4. Open a corporate bank account. This is frequently the hardest step for crypto-adjacent entities — most Singapore banks apply enhanced AML scrutiny to crypto businesses before a licence is even granted, and some decline crypto-related accounts outright. Build this into your timeline, not as an afterthought.
5. Build your AML/CFT and technology-risk framework, including travel-rule compliance for transfers, before submission — this is normally done with a specialist crypto-compliance consultant.
6. Appoint an approved compliance officer with relevant experience — MAS treats this appointment as a genuine signal of readiness, not a checkbox.
7. Submit MAS Form 1 with your business plan, and expect at least one round of follow-up questions before a decision.

Marketing Restrictions to Singapore Retail Customers

Even once licensed, MAS restricts how DPT services can be marketed to the Singapore retail public — this includes limits on advertising in public areas, through social media influencers, and via unsolicited outreach, reflecting MAS’s consumer-protection stance on crypto specifically (a stricter posture than for most other payment services). Plan your Singapore go-to-market with this in mind from the outset rather than discovering the restriction after building a consumer marketing campaign.

Common Mistakes Crypto Founders Make

• Assuming Singapore incorporation plus an offshore customer base avoids MAS licensing. Since 30 June 2025 this is false — see the DTSP change above.
• Underestimating the bank account problem. Founders often incorporate first and only discover at the banking stage how hard crypto-adjacent account opening has become.
• Budgeting for SPI-tier capital (S$100,000) when the business will clearly cross into MPI-tier DPT activity (S$500,000) — leading to a mid-application capital scramble.
• Treating AML/CFT and travel-rule compliance as something to build after launch. MAS expects these frameworks documented and credible at application, not retrofitted later.
• Marketing to Singapore retail customers as if crypto were an unregulated product, triggering the specific restrictions MAS places on DPT advertising.

Why Crypto Founders Use VIVOS — and What VIVOS Does NOT Do

“For a crypto business, the incorporation is usually the easy part — we can have your Pte Ltd registered in a few days,” says Ray Tay, Co-Founder and Managing Director of VIVOS. “Where founders actually get stuck is the bank account and the MAS licence itself. We structure the entity correctly for a DPT or DTSP application — resident director, paid-up capital, registered address — and we keep the company secretary and accounting compliant throughout. What we do not do is file the DPT or DTSP licence application, write your AML/CFT and travel-rule policies, or act as your compliance officer — that is specialist crypto-regulatory work, and we bring in a dedicated crypto-compliance consultant or law firm for that part rather than claiming expertise we do not have.”

Structure Your Entity Before You Apply for a DPT Licence

VIVOS incorporates the Pte Ltd, structures the resident director and paid-up capital requirements, and keeps your company secretary and accounting compliant while your MAS DPT or DTSP application is in progress. Read our fintech and payment services licensing guide for the shared MPI/SPI framework, or get in touch to discuss your crypto structure.

Sources

This guide draws on MAS’s Payment Services Act 2019, its Guidelines on Licensing for Digital Token Service Providers, and its Guidelines on Provision of Digital Payment Token Services to the Public, cross-checked against 2026 regulatory-compliance publications. Licensing rules and thresholds can change — always confirm current requirements with MAS or a licensed crypto-compliance advisor before applying. Read our editorial and accuracy policy.

• MAS — Clarifies Regulatory Regime for Digital Token Service Providers (2025)
• MAS — Guidelines on Licensing for Digital Token Service Providers
• MAS — Guidelines on Provision of Digital Payment Token Services to the Public [PS-G02]
• MAS — Strengthening AML/CFT Controls of Digital Payment Token Service Providers
• MAS — Payment Services Act 2019

Frequently asked questions

Do I need a MAS licence to run a crypto exchange from Singapore?

Yes. Dealing in digital payment tokens or facilitating their exchange is a regulated activity under the Payment Services Act. You need a Standard or Major Payment Institution licence before operating, and since 30 June 2025 this applies even if all your customers are outside Singapore.

Can I avoid MAS licensing by only serving customers outside Singapore?

No, not any more. MAS’s Guidelines on Licensing for Digital Token Service Providers, effective 30 June 2025, require Singapore-incorporated entities serving only overseas customers to hold a Digital Token Service Provider (DTSP) licence — the previous exemption for overseas-only business is closed.

How much capital do I need for a crypto company in Singapore?

S$100,000 in paid-up base capital if you qualify for a Standard Payment Institution licence, or S$500,000 if you sit at Major Payment Institution tier for DPT services — which most operating crypto exchanges and custodians do. This is on top of working capital for 8-14 months of MAS review.

Is it hard to open a bank account for a crypto company in Singapore?

Yes — this is consistently the step crypto founders underestimate. Singapore banks apply enhanced AML scrutiny to crypto-related businesses, and some decline these accounts outright regardless of licensing status. Build extra time into your plan for this specifically, ideally before you finalise your incorporation timeline.

Does NFT trading require a MAS digital payment token licence?

Generally no, if the NFTs function purely as collectibles rather than as a medium of exchange or investment instrument — but the line can blur depending on how the NFT is structured and marketed. Get a specific scoping opinion from a crypto-compliance advisor before assuming you are outside MAS’s regulatory perimeter.