As we progress through 2025, Singapore solidifies its position as a premier cryptocurrency hub in the Asia-Pacific region. Backed by a forward-thinking regulatory environment and strong government support, the city-state has cultivated a dynamic and secure ecosystem for digital asset innovation. The Monetary Authority of Singapore (MAS) continues to lead the charge, fostering growth while ensuring investor protection and financial integrity.
According to industry projections, Singapore’s cryptocurrency market is expected to generate over US$229.4 million in revenue by 2025. This surge is fueled by increasing institutional interest and the growing adoption of digital payment tokens (DPTs), all underpinned by the Payment Services Act 2019 (PSA)—a cornerstone of Singapore’s crypto regulatory framework.
As of 3 February 2025, MAS has issued 30 Major Payment Institution (MPI) licenses for DPT services—a significant increase from previous years, with 13 new approvals granted in 2024 alone. This reflects both rising global confidence in Singapore’s regulated crypto environment and the government’s commitment to balancing innovation with compliance.
This guide provides an up-to-date overview of licensed cryptocurrency providers in Singapore, explores key regulatory developments, and offers insights to help users make informed decisions.
Licensed Digital Payment Token Service Providers in Singapore
Below is a comprehensive list of entities licensed by MAS to provide Digital Payment Token services as of early 2025. These institutions meet stringent regulatory requirements related to anti-money laundering (AML), cybersecurity, capital adequacy, and consumer protection.
Anchorage Digital Singapore Pte Ltd
A subsidiary of Anchorage Digital, this platform delivers secure custody, trading, and financial infrastructure tailored for institutional clients. With a strong emphasis on compliance and technological resilience, it enables banks, hedge funds, and fintechs to participate confidently in the digital asset economy.
BitGo Inc.
Headquartered in California, BitGo offers regulated custody, lending, and staking services to over 1,500 institutional clients globally. Its robust security protocols and investor protection mechanisms make it a trusted partner for enterprises entering the crypto space.
Blockchain.com
Originally launched as Blockchain.info, this London-based firm provides a full suite of services including a blockchain explorer, non-custodial wallet, crypto trading, and lending. Known for its user-friendly interface and educational resources, it appeals to both retail and intermediate investors.
Bsquared Technology Pte Ltd
A liquidity and data solutions provider, Bsquared supports exchanges, brokerages, and financial institutions with high-speed trading infrastructure and real-time market data across global crypto markets.
Circle
The Boston-based fintech firm behind USD Coin (USDC), Circle leverages blockchain for peer-to-peer payments and digital dollar solutions. Its presence in Singapore underscores growing interest in regulated stablecoin ecosystems.
Coinbase
Though originally based in San Francisco, Coinbase now operates remotely and holds an MPI license in Singapore. It offers spot trading, staking, wallet services, and institutional-grade security—making it a top choice for safety-conscious users.
DBS Vickers Securities
A subsidiary of DBS Bank, DBS Vickers operates the DBS Digital Exchange, a regulated platform offering access to security tokens and digital assets for accredited investors. It bridges traditional finance with Web3 through compliant, institutional-grade infrastructure.
dtcpay (formerly Digital Treasures Center)
This enterprise-focused provider enables merchants to accept digital payments via stablecoins, digital wallets, and debit cards. It supports seamless fiat-to-crypto on-ramps and settlement solutions for businesses.
FOMO Pay
FOMO Pay powers digital payment processing for merchants and financial institutions across emerging markets. Its platform integrates cryptocurrency payments alongside mobile wallets and QR-based systems.
👉 Discover how licensed platforms are transforming digital finance in Asia.
Crypto.com (Foris DAX Asia Pte. Ltd)
Headquartered in Singapore, Crypto.com serves over 100 million users worldwide. Its licensed offerings include trading, staking, NFTs, wallets, and crypto debit cards—all compliant with MAS regulations.
GSR Markets Pte. Ltd.
Operating as a market maker and liquidity provider, GSR supports price discovery and efficient trading across major exchanges. Its MPI license ensures full compliance with Singapore’s financial standards.
HashKey Technology Services
Based in Hong Kong but active in Singapore, HashKey offers OTC trading for nearly 40 digital tokens, fast settlement, and on/off-ramp services for institutional and accredited investors.
Independent Reserve
Serving customers in Singapore, Australia, and New Zealand, Independent Reserve emphasizes security and transparency. It features competitive fees, advanced order types, and a dedicated OTC desk for large trades.
MetaComp
Formerly Cyberdyne Tech Services, MetaComp now delivers end-to-end digital asset solutions for corporations and institutional investors—spanning custody, trading, and compliance automation.
Moomoo
Known for stock and ETF investing, Moomoo has expanded into crypto with MAS approval. It supports multi-asset portfolios across US, Hong Kong, and Chinese markets.
OKX SG Pte. Ltd.
OKX’s Singapore arm received in-principle MPI approval to offer DPT and cross-border money transfer services under the PSA 2019. The platform plans to launch localized products tailored to Southeast Asian users.
👉 Explore cutting-edge trading tools available on compliant crypto platforms.
Paxos
This New York-based firm operates two licensed subsidiaries in Singapore: Paxos Digital Singapore Pte Ltd and Paxos Global Pte Ltd. It focuses on asset tokenization and stablecoin issuance, including a USD-backed coin aligned with MAS’s proposed stablecoin rules.
Revolut
The UK neobank is preparing to roll out crypto trading in Singapore soon, allowing users to buy, sell, and hold digital assets directly within the app—subject to final regulatory clearance.
Ripple
Best known for its XRP ledger and cross-border payment protocol, Ripple uses blockchain to streamline international transfers. Its full DPT license allows it to expand its financial infrastructure services in Singapore.
Sparrow Tech Private
Sparrow enables PayNow integration for crypto purchases and offers bespoke digital asset solutions for family offices and financial institutions.
StraitsX
Backed by DBS-linked initiatives, StraitsX issues MAS-aligned stablecoins: StraitsX SGD and StraitsX USD. These are set to become officially regulated stablecoins once new legislation takes effect.
Sygnum
Holding both a Swiss banking license and a Singapore CMS license, Sygnum provides digital asset banking, trading, and wealth management services for institutional clients.
Upbit (Dunamu)
Originally from South Korea, Upbit offers a mobile-first exchange with support for Bitcoin, Ethereum, NFTs, staking, and regional trading pairs—catering to Asian market preferences within a regulated framework.
XREX Singapore
Focused on cross-border payments, XREX enhances its BitCheck tool to facilitate secure transactions involving fiat, stablecoins, and cryptocurrencies—ideal for global remittance use cases.
Hako Technology (Coinhako)
Coinhako’s platform allows easy buying and selling of crypto via bank transfers and credit cards—popular among retail investors due to its simplicity and local payment integration.
Triple A Technologies
Provides white-label crypto payment gateways for e-commerce stores, game developers, fintechs, and marketplaces—enabling seamless crypto acceptance without technical overhead.
Xfers Pte Ltd (Fazz Financial Group)
Originally a Southeast Asia-focused fintech, Xfers merged with PAYFAZZ to form Fazz but remains listed under its original name with MAS. It continues to support digital payment token services under the group umbrella.
Source: Monetary Authority of Singapore – Licensed Institutions
Overview of Top Cryptocurrency Exchanges in Singapore
Different platforms serve different user needs:
- Beginners: Blockchain.com and Coinhako offer intuitive interfaces and local payment options.
- Security-Focused Users: Coinbase and Independent Reserve lead with strong compliance records.
- Institutional Investors: DBS Vickers, Sygnum, and Anchorage Digital provide bank-grade custody.
- Active Traders: OKX stands out with derivatives, margin trading, high liquidity, and low fees.
- Regional Traders: Upbit connects users to broader Asian markets via a mobile-optimized experience.
Key Regulatory Developments in 2025
Singapore’s crypto policy continues evolving:
- Stablecoin Regulation: MAS finalized rules requiring full reserves for SGD-pegged stablecoins; USD-backed versions must maintain high-quality liquid assets.
- Tokenization Push: In 2024, MAS announced plans to boost tokenized assets’ liquidity and commercial viability.
- Enhanced AML/CFT Rules: All licensed providers must conduct rigorous customer due diligence and report suspicious activities.
These updates reinforce trust while encouraging responsible innovation.
Benefits of Using Licensed Crypto Providers
Choosing a MAS-licensed provider ensures:
- ✅ Regulatory compliance
- ✅ Advanced fund security
- ✅ Clear legal recourse
- ✅ SGD banking integration
- ✅ Protection against fraud
Users gain peace of mind knowing their assets are handled within one of the world’s most mature fintech ecosystems.
Frequently Asked Questions
What types of businesses need a crypto license in Singapore?
Any entity offering digital payment token services—such as exchanges, custodians, or payment facilitators—must obtain an MPI license from MAS.
Can foreign companies operate crypto services in Singapore?
Yes, but they must establish a local legal entity with resident directors and operational presence to qualify for licensing.
What are the main compliance obligations for licensed exchanges?
They must implement AML/CFT controls, maintain cybersecurity standards, undergo regular audits, protect user data, and comply with capital requirements.
How do I start buying cryptocurrency in Singapore?
Select a MAS-licensed exchange like Coinbase or Crypto.com, complete KYC registration, deposit SGD via bank transfer or PayNow, then place your first trade.
Are stablecoins legal in Singapore?
Yes—especially those compliant with MAS’s proposed framework requiring full backing by reserve assets.
Is crypto trading taxed in Singapore?
Generally not for individuals; however, businesses engaging in regular trading may be subject to income tax.
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