Yes. Individuals in Singapore can legally buy, hold and sell cryptocurrency. It is not legal tender, though, and anyone who provides crypto services needs a licence from the Monetary Authority of Singapore (MAS). On 5 August 2026, MAS's chairman told Parliament that 37 digital payment token service providers (DPTSPs) hold licences, out of close to 300 applications. Most of the others were rejected or withdrawn. On 1 September 2026, MAS put forward amendments to the Payment Services Act 2019 that would create a legal framework for stablecoins. Feedback closed on 16 October 2026.
What changed most recently
1 September 2026: stablecoin amendments go to consultation
MAS published a consultation paper proposing changes to the Payment Services Act 2019 (PSA) to put its single-currency stablecoin framework into law. The main proposals:
- Scope. The framework would cover single-currency stablecoins issued in Singapore and pegged to the Singapore dollar or any G10 currency. Only licensed issuers could call themselves "MAS-regulated stablecoin issuers".
- No interest. MAS proposes to ban interest on MAS-regulated stablecoins.
- Foreign stablecoins. MAS would recognise a limited number of stablecoins issued abroad under a comparable foreign framework, for cross-border wholesale use.
- Everything else counts as a DPT. Stablecoins that are not MAS-regulated would be treated as digital payment tokens (DPTs). The DPT consumer safeguards would then apply to them.
- Issuer requirements. Issuers would face rules on value stability, capital, redemption at par and disclosure. They would also need stress testing, recovery and orderly wind-down plans, and safeguarding of customer money received before tokens are issued.
The consultation closed on 16 October 2026. MAS has not yet set a date for the amendments to take effect.
5 August 2026: 37 licensed providers
In a written parliamentary reply, Deputy Prime Minister Gan Kim Yong, who chairs MAS, said: "Out of close to 300 applications for licences, there are currently 37 licensed DPTSPs." He said MAS supervises licensees after approval, monitors the sector for money laundering, terrorism financing and proliferation financing, and reviews its rules regularly.
Legal status: legal to own, not legal tender
MAS's consumer site, MoneySense, states that cryptocurrencies are not legal tender. In practice:
- No one has to accept crypto as payment. A merchant may choose to accept it.
- Holding and trading crypto is not prohibited for individuals.
- Regulation does not protect you from losses. MoneySense says MAS's measures cannot shield consumers from their holdings losing value or from a service provider collapsing.
MAS's guidelines PS-G02 add that customers of regulated firms must be told about the risks of trading DPTs but are "otherwise not subject to any statutory protection" for that trading. The same guidelines say DPT service providers should not promote their services to the general public in Singapore.
Which laws apply
Payment Services Act 2019
The PSA is the main law for crypto services offered to people in Singapore. Under it, crypto such as Bitcoin and Ether counts as a digital payment token, and dealing in or exchanging DPTs is a licensed activity. MAS's August 2026 reply says the requirement to hold a licence has applied since the framework took effect in 2020.
There are two licence classes, the standard payment institution and the major payment institution, and which one a firm needs depends on its transaction volume.
Under section 5 of the PSA, providing a payment service without a licence is an offence. Individuals face a fine of up to S$125,000, up to three years in prison, or both. Companies face a fine of up to S$250,000. Continuing offences carry further daily fines.
Financial Services and Markets Act 2022, Part 9
Since 30 June 2025, section 137 of the FSMA has required a licence for firms that provide digital token services only to customers outside Singapore, if they operate from a place of business in Singapore or are Singapore corporations. MAS said in its 6 June 2025 clarification that it "has set the bar high for licensing and will generally not issue a licence." Its reasoning was that money laundering risks are higher in these business models. Unlicensed firms of this kind had to stop the regulated activity. The penalties match those in the PSA.
Securities and Futures Act and Financial Advisers Act
Tokens that are capital markets products, such as securities or units in a collective investment scheme, fall under the Securities and Futures Act 2001. Advice on them falls under the Financial Advisers Act 2001, not the PSA. MAS's 2025 clarification confirms that providers serving Singapore customers are already regulated under one of these three Acts.
Which Singapore crypto rules apply to you?
Answer a few questions to see which of the rules in this article cover your situation.
Are you an individual buying, holding or selling crypto, or a firm providing crypto services?
- An individual using crypto → next question
- A firm providing crypto services → next question
What does your firm offer, and to whom?
- DPT services to people in Singapore → You need a licence under the Payment Services Act 2019
- Digital token services only to customers outside Singapore, from a place of business in Singapore or as a Singapore corporation → Section 137 of the FSMA covers you
- Tokens that are securities or units in a collective investment scheme, or advice on them → The SFA or the FAA applies, not the PSA
Have you confirmed in MAS's Financial Institutions Directory that your provider holds a licence for the exact service it offers?
- No, or not sure → Check the provider before you deposit
- Yes → next question
How do you make money from crypto?
- I hold tokens as a long-term personal investment → Gains on long-term holdings are generally not taxed
- I buy and sell tokens in the ordinary course of a business → Trading profits are taxed as income
- Staking, mining or DeFi → Ask a Singapore tax adviser
Dealing in or exchanging DPTs is a licensed activity under the PSA, and MAS has required the licence since the framework took effect in 2020. Providing a payment service without a licence is an offence: up to S$125,000, up to three years in prison, or both, for individuals; up to S$250,000 for companies. As of 5 August 2026, 37 DPTSPs held licences out of close to 300 applications.
Since 30 June 2025, firms serving only customers outside Singapore need a licence if they operate from a place of business in Singapore or are Singapore corporations. MAS said it "will generally not issue a licence" for these business models, so unlicensed firms had to stop the regulated activity. The penalties match those in the PSA.
Tokens that are capital markets products fall under the Securities and Futures Act 2001, and advice on them falls under the Financial Advisers Act 2001.
Look the firm up in MAS's Financial Institutions Directory and search the MAS Investor Alert List. Treat guaranteed returns, sign-up bonuses or trading rewards, offers of margin or leverage to retail customers, and a skipped risk awareness assessment as warning signs.
Singapore has no capital gains tax, and IRAS says gains from digital tokens held for long-term investment are not subject to tax. Retail customers of a licensed provider should expect a risk awareness assessment, no trading incentives and no leverage. A licence does not protect you if a token loses value.
If you buy and sell tokens in the ordinary course of a business, IRAS taxes the profit as income. It weighs your purpose, how often you transact, how long you hold and your intention when you bought. Retail safeguards still apply: a risk awareness assessment, no incentives and no leverage.
The article could not verify how IRAS treats staking, mining or DeFi income, so it gives no rule for them. Check with IRAS or a Singapore tax adviser.
This sorts you into the article's categories only. It is not legal or tax advice, does not check whether a given provider is licensed, and does not cover the proposed stablecoin amendments, which had no start date as of late October 2026.
What protects retail users
MAS's consumer safeguards for DPT service providers apply to retail customers, meaning customers who are not accredited or institutional investors. MAS's September 2026 release lists four of them:
- A risk awareness assessment before you can trade.
- No trading incentives from the provider.
- No financing, margin or leverage for DPT trading.
- No payment by locally issued credit card.
These safeguards are set out in MAS Guidelines PS-G03, which MAS revised on 19 September 2024, according to Allen & Gledhill.
For transfers, MAS Notice PSN02 requires licensed providers to apply the FATF "travel rule", meaning they pass sender and recipient details along with transfers.
How to check a provider before you deposit
- Look the firm up in MAS's Financial Institutions Directory to confirm it holds a licence for the exact service it offers. Only 37 firms were licensed as of August 2026.
- Search the MAS Investor Alert List. It names persons who may be wrongly perceived as licensed, authorised or regulated by MAS. MAS notes the list is not exhaustive.
- Treat these as warning signs: "guaranteed" returns, sign-up bonuses or trading rewards, offers of margin or leverage on crypto to retail customers, acceptance of locally issued credit cards for crypto purchases, and any platform that skips the risk awareness assessment. A licensed provider should not offer these to retail users.
- Remember the limits of a licence. It does not protect you if a token loses value.
How crypto is taxed
Income tax
Singapore has no capital gains tax. IRAS says gains from digital tokens held for long-term investment are capital gains and "are not subject to tax." For individuals, IRAS says profits from financial instruments, including digital tokens, are "generally not taxable as they are viewed as personal investments."
The exception is trading. If you buy and sell tokens in the ordinary course of a business, the profit is taxed as income. IRAS weighs the facts of each case, including your purpose, how often you transact and how long you hold. Its e-Tax Guide applies the "badges of trade" and looks at your intention when you bought. If you earn from staking, mining or DeFi, get advice from a Singapore tax adviser.
GST
Since 1 January 2020, IRAS has treated exchanges of DPTs for fiat currency or other DPTs, and lending of DPTs, as exempt from GST. Paying with DPTs no longer counts as a supply of the tokens. Services from intermediaries such as exchanges, wallets and brokers remain taxable. Stablecoins pegged to fiat currency are not DPTs for GST purposes and fall under the derivatives exemption instead.
Quick answers
Can I buy Bitcoin in Singapore? Yes. Use a provider licensed by MAS. As a retail customer, expect a risk awareness assessment and no leverage.
Can I use a decentralised exchange from Singapore? Individuals are not prohibited from using self-custody wallets. Firms that provide DPT services to people in Singapore need a licence.
Are stablecoins regulated? MAS published its stablecoin framework in August 2023, and the September 2026 consultation proposes putting it into the PSA. Stablecoins outside that framework would be treated as DPTs.
