Nature of Crypto Payment Gateways

Cryptocurrencies are known as "digital payment tokens" in Singapore. Businesses accepting crypto payments are considered as "digital payment token transfer service". As such, they are likely to require a payment service provider licence. 

According to MAS (Pages)

last revised on 23 September 2021

MAS regulates seven payment services under the PS Act:

1. Activity A: Account issuance service
2. Activity B: Domestic money transfer service
3. Activity C: Cross-border money transfer service
4. Activity D: Merchant acquisition service
5. Activity E: E-money issuance service
6. Activity F: Digital payment token service
7. Activity G: Money-changing service