Is crypto legal in Singapore?
Cryptocurrency is legal in Singapore, but subject to regulatory restrictions.
South-Eastern Asia · SG · 9 of 9 dimensions sourced
Singapore crypto policy at a glance
Stage of the central bank digital currency programme — research, pilot, or launched.
Whether crypto is legal, restricted, or banned for individuals and businesses.
“Sector: Payments | Licence Type/Status: Major Payment Institution | Activity/Business Type: Digital Payment Token Service”
Whether the jurisdiction licenses crypto/VASP service providers.
“Licence Type/Status: Major Payment Institution | Activity/Business Type: Digital Payment Token Service”
Rules governing stablecoin and e-money-token issuance.
“MAS has introduced a regulatory framework for single‑currency stablecoins (SCS) issued in Singapore that are pegged to the Singapore dollar or G10 currencies. Issuers of such SCS must fulfil key requirements relating to value stability, capital, redemption at par, and disclosure.”
How crypto gains are taxed and reported, including OECD CARF participation.
“Individuals who derive income from trading in digital tokens, or from providing services in exchange for digital tokens, are liable to pay income tax on such income. Individuals who hold digital tokens for long-term investment purposes may not be taxed on gains derived from the disposal of such digital tokens, as Singapore does not have a capital gains tax regime.”
How decentralized finance (DeFi) is treated by regulators.
“Project Guardian is an industry initiative led by MAS to test the feasibility of applications in asset tokenisation and decentralised finance (DeFi) while managing risks to financial stability and integrity.”
Whether NFTs are addressed in regulation.
“Non-fungible tokens (NFTs) that represent digital collectibles are generally not regulated by MAS unless they have the characteristics of capital markets products under the Securities and Futures Act.”
Policy toward crypto mining — permitted, restricted, or banned.
“Where a person is carrying on a trade in Singapore and derives profits from activities involving the mining or staking of digital tokens, such profits are taxable as trading income.”
Intensity of regulatory enforcement actions against crypto firms.
“MAS has taken enforcement actions against digital payment token service providers and related activities for breaches of regulatory requirements.”
Explore Singapore and compare it with other countries on the interactive crypto policy map →
Related
- How is crypto taxed in Singapore? →
- Crypto regulation by country, ranked →
- Compare Singapore with another country →