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Singapore: crypto & digital assets regulation

Regulated

Singapore VASP licensing under Payment Services Act; strict consumer protection and AML

Lead regulator:
Monetary Authority of Singapore
Key law:
Payment Services Act 2019
Last updated:
2026-07-12

Singapore maintains a comprehensive regulatory framework for digital payment tokens (DPTs) and tokenized capital markets products, primarily overseen by the Monetary Authority of Singapore (MAS). The regime requires service providers to obtain licenses and adhere to strict anti-money laundering (AML) and counter-financing of terrorism (CFT) standards, as detailed in Notice PSN02 and associated guidelines.

Consumer protection is a central pillar, with MAS enforcing rigorous guidelines that prohibit retail advertising and mandate robust risk management practices. Additionally, tokenized securities are regulated under existing securities laws based on their economic substance, ensuring that derivatives referencing payment tokens fall under prescribed regulatory oversight.

The regulatory direction emphasizes financial integrity and investor safety, restricting public promotion of DPT services while ensuring that issuers of tokenized products comply with prospectus requirements. This approach balances innovation with the mitigation of systemic and consumer risks.

Who regulates

  • Monetary Authority of Singapore

    Primary supervisor for digital payment tokens, AML/CFT compliance, and tokenized capital markets products

    [1][2][3][4][5][6]

Core laws & rules

  • Securities and Futures (Prescribed Underlying Thing) Regulations (2020)

    Prescribes the definition of underlying things for derivatives contracts, specifically bringing derivatives referencing payment tokens like Bitcoin under regulatory scope.

    [6]

  • Notice PSN02 (2025)

    Imposes AML/CFT requirements on digital payment token service providers, mandating customer due diligence and risk assessments.

    [2]

Licensing & registration

  • Digital Payment Token Service Provider

    Entities providing DPT services must comply with AML/CFT notices and consumer protection guidelines. Tokenized capital markets products require compliance with securities laws, including prospectus requirements.

    [2][1]

Restrictions & warnings

  • Prohibition on promoting DPT services to the general public, including bans on advertisements in public areas, social media, and the use of third-party influencers.

    [5]

  • Tokenized capital markets products must be regulated based on economic substance, requiring issuers to comply with prospectus regulations.

    [1]

Direction of travel

  • Regulatory focus remains on enforcing robust consumer protection measures and AML/CFT controls, with recent guidelines emphasizing sound practices for DPT service providers.

    [4][3]

Sources

  1. Guide on the Tokenisation of Capital Markets Products · 2025-11-14
  2. MAS Notice PSN02 Prevention of Money Laundering and Countering the Financing of Terrorism – Digital Payment Token Service · 2025-06-30
  3. Guidelines to Notice PSN02 on Prevention of Money Laundering and Countering the Financing of Terrorism - Digital Payment Token Service · 2025-06-30
  4. Guidelines on Consumer Protection Measures by DPT Service Providers [PS-G03] · 2024-09-19
  5. Guidelines on Provision of Digital Payment Token Services to the Public · 2022-01-17
  6. Securities and Futures (Prescribed Underlying Thing) Regulations 2020 · 2020-05-15

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This guide is compiled automatically from 6 primary-source documents published by Singapore's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.