MAS — All DPT service regulation, PSA licensing, AML/CFT, stablecoin framework, TRM guidelines

ACRA — Company registration and corporate compliance

Payment Services Act 2019 (2019) — DPT service licensing — MPI/SPI licenses

Securities and Futures Act (2001) — Security tokens, CMS licensing

MAS AML/CFT Notices (PSN01, PSN02) — AML/CFT requirements for DPT service providers; amendments effective July 2025

MAS Technology Risk Management Guidelines (2021) — Cybersecurity, data protection, operational resilience

VASP: Major Payment Institution (MPI) license for DPT services. SGD 250,000 base capital (~$185K USD). 170+ applications received, only ~20-30 full MPI licenses granted. SPI option: SGD 100,000 base capital with transaction limits (SGD 3M single/SGD 6M aggregate). Must have Singapore entity, resident director, local compliance officer, physical office.

CUSTODY: Included under DPT MPI license. Customer asset segregation mandatory (statutory trust since 2024). Security deposits (SGD 100K-200K) required.

EXCHANGE: MPI license. MAS explicitly discourages retail crypto speculation — marketing to general public prohibited (Jan 2022), no incentive programs, no ATMs in public areas. Stablecoin issuers must maintain 100%+ reserves in cash/equivalents at SG-licensed institutions.

**Inland Revenue Authority of Singapore (IRAS)**: Singapore's principal tax administrator, responsible for the administration of income tax, Goods and Services Tax (GST), property tax, and other taxes. IRAS issues guidelines on the tax treatment of digital tokens and related activities.

**Dealing in DPTs**: Buying or selling DPTs for fiat currency or other DPTs, where the service provider takes on principal risk.

**DPT Transfer Services**: Accepting DPTs from one person and transmitting them to another person's account, or arranging for such transmission. This includes services for the transfer of DPTs which are domiciled in Singapore or outside Singapore where the service provider has a presence in Singapore.

**Safeguarding DPTs**: Providing custodial services for DPTs on behalf of customers.

**Providing financial advisory services in respect of DPTs**: Providing advice concerning DPTs (though this typically falls under a separate financial advisory license if the DPT is considered a capital markets product).

**Standard Payment Institution (SPI) License**: Required if the average monthly transaction volume does not exceed S$3 million for any single payment service, or S$6 million for two or more payment services.

**Major Payment Institution (MPI) License**: Required if the average monthly transaction volume exceeds S$3 million for any single payment service, or S$6 million for two or more payment services. This is the more common license for larger DPT service providers.

**Fit and Proper Requirements**: Applicants, directors, and executive officers must meet MAS's fit and proper criteria.

**Anti-Money Laundering (AML) / Countering the Financing of Terrorism (CFT) Policies**: Robust policies and procedures aligned with MAS Notice PSN02 and FATF recommendations.

**Local Presence**: A permanent physical presence in Singapore (e.g., office).

**Technology Risk Management**: Adequate cybersecurity and technology risk management frameworks.

**Business Plan**: A comprehensive business plan outlining proposed activities, target customers, and operational setup.

**Compliance Arrangements**: Adequate internal controls and compliance arrangements.

MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs)

MAS Guidelines on Licensing, Reporting and Other Requirements for DPT Service Providers (See specifically Notice PSN02, Appendix 2)

**Peg Stability**: Maintain a stable value against the pegged currency.

**Reserve Assets**: Hold reserve assets with high liquidity and low risk, separate from the issuer's own assets, and fully backing the SCS.

**Redemption at Par**: Ensure redemption at par value within a short period.

**Disclosure**: Provide clear information to users on the SCS's characteristics, rights of SCS holders, and audit results of reserve assets.

**Capital Requirements**: Specific capital requirements for SCS issuers.

**Technology Risk**: Implement robust technology risk management.

MAS Finalises Regulatory Framework for Single-Currency Stablecoins (Media Release, 2023)

**Ministry of Law**: Oversees AML/CFT for non-MAS-licensed entities with reporting obligations.[1]

**Singapore Police Force (STRO)**: Handles cybercrime and suspicious transaction reports for digital assets.[1]

**Payment Services Act 2019 (PSA)**: Core law regulating DPT services (e.g., exchanges, wallets); requires Major Payment Institution licenses; effective January 2020.[3][4][5][6]

**Securities and Futures Act 2001 (SFA)**: Applies to crypto resembling securities or capital markets products; governs ICOs needing Capital Markets Services licenses.[2][3][5]

**Financial Services and Markets Act 2022 (FSMA)**: Regulates digital token service providers, including Singapore-based entities serving overseas customers (licensing from June 30, 2025); October 2024 MAS consultation on AML/CFT, tech risks.[2][4][6]

**Notice PSN02 (MAS)**: Details crypto AML regulations, including Travel Rule compliance.[9]

Additional: Corruption, Drug Trafficking and Other Serious Crimes Act for suspicious transaction reporting.[5]

Full PSA/SFA/FSMA texts via Singapore Statutes Online (statutes.agc.gov.sg). Legal advice recommended for specific activities.[2]