Singapore — crypto regulation

Status: legal · Last reviewed 2026-11-05

Singapore regulates crypto in layers: the Payment Services Act (domestic DPT services), FSMA Part 9 (overseas-facing DTSPs, in force Jun 2025) and the SFA (security tokens). MAS keeps licensing major players, including Gemini's Major Payment Institution licence in Sep 2026. In Sep 2026, MAS consulted on Payment Services Act amendments to put stablecoin rules into law: 100% segregated reserves, a ban on paying yield to holders, and limited recognition of foreign stablecoins. No start date has been set. MAS's BLOOM initiative for stablecoin and tokenised-deposit cross-border payments added Malaysia and Thailand in Oct 2026.

Legislation