Singapore Payment Services Licence

Singapore regulates cryptocurrencies under the Payment Services Act 2019 (PSA), and is prescribed by the Monetary Authority of Singapore (MAS). Under this regime, cryptocurrencies are not outright banned, nor are they wholly unregulated. Instead, MAS has taken a risk-based approach by looking at key aspects such as Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT). Service providers are regulated through a licensing framework based on the regulated activity their cryptocurrency/crypto asset business falls under.