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Singapore

Asia · Comprehensive

Gold standard for principles-based, technology-neutral supervision.

DAI Methodology v2.1 Last updated Q2 2026

DAI Readiness Score™

92.0

out of 100

Regulatory status

Comprehensive

Primary regulator

Monetary Authority of Singapore (MAS)

Licensing requirements

Payment Services Act 2019 (DPT licensing); Financial Services and Markets Act 2022.

AML requirements

MAS Notice PSN02; risk-based AML/CFT obligations for DPT service providers.

Travel Rule status

Implemented — Full FATF R.16 implementation; sub-SGD 1,500 simplified data.

Tax treatment

No capital gains tax; trading income taxable; GST exemption for DPTs since 2020.

Consumer protection

Retail access restrictions; ban on DPT advertising in public spaces (Jan 2022).

Key legislation

2019

Payment Services Act

Foundational DPT licensing regime.

2022

FSM Act 2022 Part 9

Extra-territorial reach for Singapore-based VASPs.

Recent developments

2026-04-22

MAS fines Marina Custody S$24m

Client asset commingling breach of safeguarding rules.

2026-01-18

Project Guardian Phase 4

Cross-border tokenised deposit settlement trial launched.

Professional disclaimerGlobal Asset Guide intelligence is provided for informational purposes only and does not constitute legal, tax, investment, or compliance advice. Regulatory positions change frequently; verify all material with primary sources and qualified counsel before relying on it for licensing, supervisory, or compliance decisions.