Operating or listing on a crypto exchange

Do crypto exchanges need a payment service provider licence to operate in Singapore?


  • "Digital exchanges providing cryptocurrency-related services would need to obtain a license from MAS and they are also required to take measures such as performing customer due diligence and monitor the transactions. In the event a red flag is raised about a suspicious transaction, the business is required to file a report with the Commercial Affairs Department (CAD)."

    Source: Fintechnews Singapore, last revised on 8 Jun 2021

    "(2) License: Any person carrying out digital payment token service has to obtain a payment institution license, unless exemptions apply.10 A standard payment institution license applies to companies with payment transactions up to $3million per month and a major payment institution license has to be obtained by companies with payment transactions which exceed $3million per month. An application for both these licenses has to be made by a company incorporated in Singapore or overseas, has its permanent place of business or registered office in Singapore; and has at least one executive director who is a Singapore citizen or a permanent resident or is a person belonging to a class of persons prescribed by the MAS."

    Source: Mondaq, last revised on 14 Jan 2021