Singapore has long been hailed as a "crypto haven" due to its progressive financial regulations and open attitude toward digital assets. For Chinese-speaking investors, the city-state offers a rare combination of regulatory clarity, technological innovation, and cultural accessibility. With the enforcement of the Payment Services Act (PSA) in January 2020, cryptocurrency exchanges operating in Singapore must be licensed by the Monetary Authority of Singapore (MAS)—a move that has elevated the country’s status as a trusted hub for compliant crypto trading.
This guide dives deep into the current landscape of licensed crypto exchanges in Singapore, with a focus on platforms catering to Chinese-speaking users. Whether you're a new investor or an experienced trader, understanding how to navigate this regulated environment is key to securing your digital assets and ensuring legal compliance.
Understanding Singapore’s Crypto Regulatory Framework
The Payment Services Act (PSA) serves as the cornerstone of Singapore’s crypto regulatory system. Under this law, all providers of Digital Payment Token (DPT) services—including cryptocurrency exchanges—must obtain a license from MAS before offering services to the public.
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This framework ensures transparency, prevents money laundering, and protects consumers. While some view increased regulation as restrictive, it actually strengthens investor confidence. Licensed exchanges undergo rigorous audits, implement robust anti-money laundering (AML) protocols, and maintain high cybersecurity standards.
MAS does not issue licenses lightly. As of mid-2023, only a select number of global and local platforms have successfully met the stringent requirements. This exclusivity makes Singapore one of the most trusted jurisdictions for crypto trading in Asia.
Top Licensed Crypto Exchanges in Singapore
Only MAS-approved platforms can legally offer crypto trading services to Singapore residents. Below are three prominent licensed exchanges that serve both international and Chinese-speaking investors.
Coinbase Singapore
As one of the world’s largest and most recognized crypto exchanges, Coinbase secured its Major Payment Institution license under the PSA. Coinbase Singapore supports a wide range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and stablecoins like USDC.
Its platform is known for:
- Intuitive user interface
- Strong security infrastructure (cold storage, two-factor authentication)
- Comprehensive educational resources
- English and limited Chinese-language support
While not fully localized for Mandarin speakers, Coinbase remains a top choice due to its global reputation and regulatory compliance.
Gemini Trust
Founded by the Winklevoss twins, Gemini holds a MAS license and emphasizes compliance and institutional-grade security. The exchange appeals to risk-averse investors who prioritize safety over high-frequency trading features.
Key advantages include:
- Proactive regulatory engagement
- Insurance-backed custody solutions
- Clear fee structure
- Support for SGD deposits via FAST transfers
Gemini continues to expand its Asian outreach, making it increasingly accessible to bilingual investors.
Coinhako
Among the few homegrown success stories, Coinhako stands out as a Singapore-based exchange that caters specifically to local and regional users. It was one of the first local platforms to receive full approval under the PSA.
What sets Coinhako apart:
- Native support for Mandarin and Chinese dialects
- User-friendly mobile app optimized for Southeast Asian markets
- Direct SGD banking integration
- Educational content tailored for beginners
For Chinese-speaking investors, Coinhako bridges the gap between cultural familiarity and regulatory trust—making it a preferred gateway into the Singaporean crypto ecosystem.
Why Chinese Investors Choose Singapore-Based Exchanges
Singapore’s appeal goes beyond regulation. Its strategic location, stable economy, and multilingual workforce make it ideal for overseas Chinese investors seeking secure exposure to digital assets.
Key reasons include:
- Legal clarity: Unlike some jurisdictions with ambiguous crypto laws, Singapore provides clear rules.
- Language access: Many platforms offer bilingual customer service, easing onboarding for non-English speakers.
- Asset protection: MAS-licensed exchanges follow strict capital reserve and data privacy rules.
- Ease of fiat on-ramp: SGD deposits and withdrawals are fast and widely supported.
Moreover, Singapore does not impose capital gains tax on individuals, adding another layer of financial incentive.
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How to Choose a Safe and Compliant Crypto Platform
With growing interest comes increased risk—from unlicensed operators to phishing scams. Here’s a checklist to help you select the right exchange:
- Verify MAS Licensing Status
Check the official MAS Payment Services Register to confirm if the platform is listed. - Assess Security Measures
Look for features like two-factor authentication (2FA), cold wallet storage, and endpoint encryption. - Evaluate Customer Support
Ensure the platform offers responsive support in your preferred language—especially important for resolving transaction issues. - Review Supported Currencies and Fees
Compare trading fees, withdrawal limits, and available cryptocurrencies. - Check User Experience
A clean interface, mobile app availability, and educational tools enhance long-term usability.
Avoid platforms that promise unrealistic returns or lack transparency about their licensing status.
Frequently Asked Questions (FAQ)
Q: Is cryptocurrency legal in Singapore?
A: Yes. Cryptocurrency is legal and regulated under the Payment Services Act. Trading and ownership are permitted as long as it's done through licensed platforms.
Q: Do I need to pay taxes on crypto gains in Singapore?
A: Generally, no. The Inland Revenue Authority of Singapore (IRAS) does not tax capital gains from personal crypto investments. However, businesses trading crypto may be subject to income tax.
Q: Can I use Chinese on Singapore crypto platforms?
A: Some platforms like Coinhako offer Mandarin support. Others provide English interfaces with third-party translation tools.
Q: What happens if a licensed exchange fails?
A: MAS requires licensed firms to safeguard customer funds and maintain sufficient liquidity. While there's no government-backed insurance like in traditional banking, reputable exchanges often carry private insurance policies.
Q: How do I deposit SGD into a crypto exchange?
A: Most licensed platforms support FAST bank transfers, PayNow, or NETS—allowing quick and low-cost fiat onboarding.
Q: Are there withdrawal limits on MAS-licensed exchanges?
A: Yes. Exchanges may impose daily or monthly withdrawal caps for security purposes, especially for newly verified accounts.
Final Thoughts: Building Confidence Through Compliance
As Singapore solidifies its position as a leading global fintech hub, licensed crypto exchanges play a crucial role in shaping a safe and sustainable digital economy. For Chinese-speaking investors, the availability of compliant platforms with localized services means greater access without compromising security.
The shift from unregulated markets to regulated, transparent ecosystems marks a maturation of the crypto industry—one that prioritizes investor protection over unchecked growth.
👉 Access a globally trusted crypto platform that aligns with Singapore’s regulatory standards.
By choosing MAS-approved exchanges, investors not only comply with local laws but also future-proof their portfolios against volatility and fraud. In the evolving world of digital finance, knowledge, caution, and compliance are your strongest allies.
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