MAS-Licensed Crypto Exchanges in Singapore: Approved…

KEY TAKEAWAYS

1. The Monetary Authority of Singapore has granted 38 Major Payment Institution licences for digital payment token services as of September 2026.
2. Licensed platforms include Coinbase, Crypto.com, OKX, Independent Reserve, Bitstamp, and PayPal, though many serve only institutional or accredited investors.
3. The Payment Services Act 2019 requires all digital payment token service providers to obtain either a Standard or Major Payment Institution licence.
4. Licensed providers must store 90 percent of customer assets in offline cold wallets, segregate client funds, and perform daily reconciliations under MAS rules.
5. MAS has intensified enforcement against unlicensed operators, with Singapore cracking down on platforms operating without proper authorisation amid rising retail adoption.

Singapore's approach to cryptocurrency regulation has attracted global attention for balancing innovation with strict consumer protection standards. The Monetary Authority of Singapore has granted 38 Major Payment Institution licences for digital payment token services as of September 2026, according to the MAS Financial Institutions Directory.That number represents the result of a multi-year process in which around 170 firms applied; MAS had formally rejected only two and seen 30 withdrawn as of July 2021, with most of the rest never clearing review.This article examines which platforms hold active licences, what the regulatory requirements entail, and what traders should verify before choosing a licensed exchange.

Which Platforms Hold Active MAS Licences for Crypto Services

The 38 licensed firms span a range of business models from retail trading platforms to institutional custody providers and payment processors. Major consumer-facing exchanges on the list include Coinbase, Crypto.com (operating as Foris DAX Asia), OKX Singapore, Independent Reserve, Bitstamp by Robinhood, and Upbit. PayPal and Revolut also hold licences for digital payment token services, CapitalMarkets.SG confirmed.Institutionally focused licensees include BitGo, Anchorage Digital, GSR Markets, Hex Trust, Sygnum, and QCP Capital. Circle holds a licence for its stablecoin and payment infrastructure, while DBS Vickers Securities represents traditional banking's entry into the licensed crypto space. Blockchain.com, HashKey, and MetaComp round out the broader list.However, holding a licence does not automatically mean retail access for every Singapore resident. Many licensed firms operate exclusively with institutional or accredited investors, and minimum deposit thresholds vary significantly. Coinbase expanded its Singapore team to approximately 200 staff as MAS rules tightened, signalling the operational investment required to maintain compliance.The licensing process typically takes 12 to 18 months from application to approval. MAS has publicly stated that it sets the approval bar high due to elevated money laundering risks in the digital asset sector. Operating without a licence is a criminal offence under Singapore law, carrying penalties that include fines and imprisonment.

What the Payment Services Act Requires From Licensed Exchanges

The Payment Services Act 2019 forms the legal backbone of Singapore's crypto regulation. It requires every firm offering digital payment token services to obtain either a Standard Payment Institution licence or a Major Payment Institution licence, with the distinction based on monthly transaction volumes. Firms exceeding SGD 3 million in monthly transactions for a single payment service, or SGD 6 million across two or more payment services, must apply for a Major Payment Institution licence, according to NameScan.A Major Payment Institution must maintain a minimum base capital of SGD 250,000. Beyond capital, the Act imposes detailed Anti-Money Laundering and Countering the Financing of Terrorism obligations.These include customer due diligence from the first transaction, risk-based assessments for higher-risk customers, ongoing transaction monitoring, and suspicious transaction reporting to authorities.Travel Rule compliance for inter-platform transfers has been mandatory under MAS Notice PSN02 since January 2020, with the notice most recently revised in 2024 and 2025. Licensed firms must transmit originator and beneficiary information alongside crypto transfers above specified thresholds, aligning Singapore with Financial Action Task Force standards.MAS also issued landmark guidance on crypto wealth verification, addressing how financial institutions should handle clients whose wealth derives from digital asset holdings.Custody rules are particularly strict. Licensed providers must segregate customer assets from company holdings, maintain separate blockchain addresses for each, and perform daily reconciliations. The requirement to store 90 percent of customer assets in offline cold wallets reduces exposure to exchange hacks but limits the speed of withdrawals for large positions.

Retail Staking and Lending Restrictions That Affect Traders

One of the most significant restrictions under Singapore's framework is the prohibition on retail lending and staking services. Licensed exchanges cannot offer yield-generating products to retail customers, reserving those services exclusively for institutional and accredited investors.That prohibition followed the collapse of several crypto lending platforms globally, including Hodlnaut, which was based in Singapore and faced investigation for alleged fraud.The stablecoin framework adds another layer of requirements. E-money classified stablecoins require separate PSA licensing, and issuers must maintain full asset reserves, demonstrate capital adequacy, and guarantee redemption at par value. Circle's USDC operations in Singapore operate under this framework. Traders accustomed to earning yield on stablecoin deposits at exchanges in other jurisdictions will not find equivalent products at MAS-licensed platforms.Singapore has also imposed restrictions on crypto advertising and marketing to retail consumers. Licensed exchanges face limits on how they can promote their services, including prohibitions on trivialising the risks of cryptocurrency trading. These marketing restrictions complement the product restrictions to create a regulatory environment that prioritises capital preservation over speculative returns for retail participants.The regulatory shift in Singapore mirrors a broader global trend. Jurisdictions from the European Union to the United Kingdom are implementing similar frameworks, with the 2026 regulatory shift moving crypto markets from fragmented national rules toward more standardised international requirements.

What Traders Should Verify Before Choosing a Licensed Platform

A MAS licence confirms regulatory compliance but does not guarantee service quality, fee competitiveness, or asset availability. Traders should verify the specific licence type and number against the MAS Financial Institutions Directory directly, as third-party lists can lag behind licence revocations or suspensions. Each platform's supported trading pairs, fee structures, and withdrawal limits vary considerably even within the licensed group.Fiat on-ramp options differ by platform. Some licensed exchanges support SGD deposits through local bank transfers, while others require conversion through USD or stablecoin pairs. Withdrawal processing times also vary, partly due to the cold wallet storage requirement that can delay large transfers. Traders moving significant volumes should confirm both deposit and withdrawal procedures before committing funds.Insurance coverage for custodied assets is not standardised across licensed platforms. Some providers carry private insurance policies that cover losses from security breaches, while others rely solely on their cold storage infrastructure.IG Group's acquisition of Independent Reserve after MAS approval illustrates how traditional financial firms are entering the licensed crypto space, potentially bringing more robust risk management frameworks.The comparison between licensed and unlicensed platforms ultimately comes down to counterparty risk. MAS-licensed firms undergo ongoing supervisory scrutiny, maintain segregated customer funds, and face criminal penalties for non-compliance. Unlicensed platforms may offer lower fees or broader asset selection but operate outside the protective framework that Singapore's regulations are designed to provide.

What Comes Next for Singapore's Crypto Licensing Framework

MAS has signalled further regulatory updates around tokenised securities and digital asset derivatives. The authority's consultation papers on stablecoin regulation and cross-border payment token transfers suggest additional licensing categories may emerge. For traders, the practical implication is that the list of licensed platforms will continue evolving as new firms receive approval and existing licensees expand or modify their service offerings.

FAQs

How many cryptocurrency exchanges currently hold active MAS licences for digital payment token services? The Monetary Authority of Singapore has granted 38 Major Payment Institution licences for digital payment token services as of September 2026.Which major consumer-facing crypto exchanges hold MAS licences for retail trading in Singapore? Coinbase, Crypto.com, OKX Singapore, Independent Reserve, Bitstamp by Robinhood, Upbit, PayPal, and Revolut hold active MAS licences for crypto.What is the minimum capital requirement for obtaining a crypto licence under Singapore regulations? A Major Payment Institution licence requires a minimum base capital of SGD 250,000, while a Standard Payment Institution licence requires SGD 100,000.Can retail traders in Singapore access crypto staking and lending services through licensed exchanges? No, MAS prohibits licensed exchanges from offering staking and lending yield products to retail customers, reserving those services for institutional investors.What custody requirements must MAS-licensed crypto exchanges meet to protect customer digital assets? Licensed providers must segregate customer assets, maintain separate blockchain addresses, perform daily reconciliations, and store 90 percent of assets offline.How long does the MAS crypto licensing application process typically take from submission to approval? The licensing process typically takes 12 to 18 months from initial application to final approval from the Monetary Authority of Singapore.What penalties does Singapore impose on cryptocurrency platforms operating without a valid MAS licence today? Operating a digital payment token service without an MAS licence is a criminal offence carrying penalties including substantial fines and imprisonment.

References

1. Fintech Singapore: Latest List of Licensed Cryptocurrency Providers in Singapore
2. Monetary Authority of Singapore: Financial Institutions Directory
3. NameScan: Singapore Crypto Regulations Overview
4. Clyde & Co: Singapore Payment Services Act Token Transfer and Custody