Authorisations in Singapore, as at 21 September 2026
Authorisations
39
across 2 licence families
Licensed
39
all 39 authorisations
In the pipeline
0
No live applications
Ended
0
No ended authorisations
Authorisations by licence
MAS Payment Services Act licence, DPT
97%
38
Payment institution authorisation
3%
1
These 39 authorisations belong to 35 companies. The company-level records are in Atlas Pro.
What those authorisations permit
Moving value for clients39
One authorisation can cover several activities, so these figures overlap.
What each activity needs
The main activities a stablecoin business may carry out, and the authorisation each one requires. A business carrying out several activities may need more than one licence.
Today, issuing a fiat-referenced token in Singapore is regulated as a digital payment token (DPT) service under the Payment Services Act and generally requires a Standard or Major Payment Institution licence. Singapore has also finalised a separate single-currency stablecoin framework. Once the amendments take effect, qualifying issuers of SGD- or G10-pegged stablecoins can use the MAS-regulated stablecoin framework and label. As of 10 September 2026, MAS has not published a commencement date for the new regime.
Holding it for someone else
Holding crypto-assets or private keys for customers is regulated as part of providing a digital payment token service. Singapore does not have a standalone custody licence for DPTs. Safekeeping or providing custodial wallets therefore sits within the DPT service and requires a Standard or Major Payment Institution licence, with customer assets kept separate from the firm's own assets.
Exchange and on/off-ramps
Operating a fiat-to-crypto or crypto-to-crypto exchange, including an on/off-ramp, is a digital payment token service under the Payment Services Act. It requires a Standard or Major Payment Institution licence. Where the platform also deals in products regulated under the Securities and Futures Act, additional authorisation may be required.
Payments and money transmission
Receiving and transmitting value, issuing accounts, handling stored value and providing domestic transfers are regulated payment services under the Payment Services Act. Depending on the service, a Standard or Major Payment Institution licence is required. When stablecoins are used, the DPT service and money-transfer provisions can apply as well.
There is no separate stablecoin card licence. Payment cards and consumer spending products can fall under the Payment Services Act through e-money issuance, account issuance and, where stablecoins are loaded or used, DPT services. Card-network and BIN sponsorship is typically provided through a licensed bank or payment institution.
Cross-border transfer and remittance
Cross-border transfers and remittances are regulated payment services under the Payment Services Act and require the relevant Standard or Major Payment Institution authorisation. Using stablecoins also brings the DPT service into scope. B2B FX settlement and consumer remittance can therefore fall under the same framework.
The licences: who grants them, how long, what they cost
The statutory clock is the formal decision period, where MAS publishes one. “Observed” is the real-world timeline reported by applicants, not a figure set by MAS. Capital is the regulatory minimum, not legal or advisory fees. Where a figure is not yet available, we show “Unavailable”; where one exists but Anvesan has not verified it, we show “Not sourced”.
The Atlas column maps a licence to a tracked licence family only where the two are the same thing. Where they are not, it reads Not mapped, and the family counts are in Authorisations by licence above.
Payment Institution licence: Digital Payment Token service
In full Major Payment Institution (or Standard Payment Institution) licence for Digital Payment Token service
- Who grants it
- MAS
- What triggers it
- Issuing or minting a digital payment token, including a fiat-referenced stablecoin, or dealing in or facilitating the exchange of one for customers in Singapore. A Major Payment Institution is required above the applicable transaction thresholds; a Standard Payment Institution may apply below them. The thresholds are S$3 million a month for a single service or S$6 million a month across services.
- Legal basis
- Payment Services Act 2019 (DPT service)
- What it requires
- Base capital is S$250,000 for an MPI and S$100,000 for an SPI. Customer DPTs must be safeguarded and kept separate from the firm's own assets. AML/CFT controls, technology-risk management, annual audit and Singapore-resident compliance and AML officers also apply.
Statutory clock
Not published
MAS does not publish a standard decision period for this licence. Anvesan has not established a statutory deadline, so we do not infer one.
What it takes in practice
9 to 14 months
Applicants report around 9 to 14 months for a clean, well-resourced application. The process can take longer where DPT services are involved. Pre-application work with MAS sits outside this estimate.
| Major Payment Institution, base capitalor net head office funds of S$250,000 for a foreign company |
S$250,000 |
|---|
| Standard Payment Institution, base capital |
S$100,000 |
|---|
| Security depositrising to S$200,000 above S$6 million of monthly transaction value per service |
S$100,000 |
|---|
The security deposit is lodged with MAS and is in addition to base capital.
Application fee S$1,500 for an MPI or S$1,000 for an SPI, unless the applicable per-service fees are higher. Money-changing applications are S$500.
Single-currency stablecoin issuer authorisation
In full MAS-regulated single-currency stablecoin (SCS) issuer / 'Stablecoin Issuance Service' authorisation
- Who grants it
- MAS
- What triggers it
- Issuing a single-currency stablecoin pegged to the Singapore dollar or a G10 currency, where the applicable circulation threshold is met. Non-bank issuers below S$5 million in circulation are outside this tailored framework, and so are tokenised bank liabilities.
- Legal basis
- MAS Single-Currency Stablecoin Framework (finalised 15 Aug 2023), to be implemented via amendments to the Payment Services Act 2019 adding a 'Stablecoin Issuance Service'
- What it requires
- Reserves must back the tokens at 100% and be held in eligible cash or high-quality liquid assets. Issuers must provide independent monthly attestations and an annual audit. Capital is the higher of S$1 million or 50% of annual operating expenses, plus assets set aside for orderly wind-down. Redemption must be available at par value within five business days. The issuer may issue the stablecoin, but cannot lend, stake or otherwise use the reserve assets. Only fully compliant issuers may use the MAS-regulated stablecoin label.
Statutory clock
Not published
MAS does not publish a standard decision period for this authorisation. Anvesan has not established a statutory deadline, so we do not infer one.
What it takes in practice
9 to 14 months
Applicants report around 9 to 14 months for a clean, well-resourced application. Pre-application work with MAS sits outside this estimate.
| Base capitalunder the single-currency stablecoin framework |
Higher of S$1 million or 50% of annual operating expenses |
|---|
Reserve assets are held separately from capital, in cash or cash equivalents or short-dated sovereign debt, at 100 percent of par value. A non-bank issuer with no more than S$5 million in circulation is outside the framework.
Application fee S$1,500 for an MPI or S$1,000 for an SPI, unless the applicable per-service fees are higher. Money-changing applications are S$500.
Payment Institution licence: DPT custody
In full Standard / Major Payment Institution licence covering the Digital Payment Token service (including custodial/safekeeping of DPTs)
- Who grants it
- MAS
- What triggers it
- Safeguarding or administering digital payment tokens for customers in Singapore, including holding or controlling a customer's tokens or the private keys to them. Custody of DPTs is part of the DPT service, so it needs a Standard or Major Payment Institution licence, and the same monthly transaction thresholds decide which.
- Legal basis
- Payment Services Act 2019 (DPT service; scope expanded by the Payment Services (Amendment) Act 2021 and 2024 user-protection rules)
- What it requires
- Base capital is S$250,000 for an MPI and S$100,000 for an SPI. Customer DPTs must be held on trust and kept separate from the firm's own assets, with restrictions on commingling and on lending or staking retail customers' tokens under the 2024 and 2025 user-protection measures. AML/CFT controls under PSN02, technology-risk and cyber-hygiene obligations, an annual audit and a Singapore-resident compliance officer also apply.
Statutory clock
Not published
MAS does not publish a standard decision period for this licence. Anvesan has not established a statutory deadline, so we do not infer one.
What it takes in practice
9 to 14 months
Applicants report around 9 to 14 months for a clean, well-resourced application. The process can take longer where DPT services are involved. Pre-application work with MAS sits outside this estimate.
| Major Payment Institution, base capitalor net head office funds of S$250,000 for a foreign company |
S$250,000 |
|---|
| Standard Payment Institution, base capital |
S$100,000 |
|---|
| Security depositrising to S$200,000 above S$6 million of monthly transaction value per service |
S$100,000 |
|---|
The security deposit is lodged with MAS and is in addition to base capital.
Application fee S$1,500 for an MPI or S$1,000 for an SPI, unless the applicable per-service fees are higher. Money-changing applications are S$500.
Payment Institution licence: DPT exchange
In full Major / Standard Payment Institution licence for Digital Payment Token service
- Who grants it
- MAS
- What triggers it
- Buying or selling digital payment tokens, or operating a platform where customers in Singapore exchange them, including fiat-to-crypto ramps and crypto-to-crypto trading. A Major Payment Institution licence is required above S$3 million a month for a single service or S$6 million a month across services; a Standard Payment Institution licence applies below those thresholds.
- Legal basis
- Payment Services Act 2019 (DPT service: dealing in DPTs and facilitating the exchange of DPTs)
- What it requires
- Base capital is S$250,000 for an MPI and S$100,000 for an SPI. Customer DPTs must be segregated and held on trust. AML/CFT controls under PSN02 include the travel rule, and retail customers get risk disclosures and no incentives to trade. Technology-risk and cyber requirements, an annual audit and Singapore-resident compliance and AML officers also apply.
Statutory clock
Not published
MAS does not publish a standard decision period for this licence. Anvesan has not established a statutory deadline, so we do not infer one.
What it takes in practice
9 to 14 months
Applicants report around 9 to 14 months for a clean, well-resourced application. The process can take longer where DPT services are involved. Pre-application work with MAS sits outside this estimate.
| Major Payment Institution, base capitalor net head office funds of S$250,000 for a foreign company |
S$250,000 |
|---|
| Standard Payment Institution, base capital |
S$100,000 |
|---|
| Security depositrising to S$200,000 above S$6 million of monthly transaction value per service |
S$100,000 |
|---|
The security deposit is lodged with MAS and is in addition to base capital.
Application fee S$1,500 for an MPI or S$1,000 for an SPI, unless the applicable per-service fees are higher. Money-changing applications are S$500.
Payment Institution licence: payment and account services
In full Major / Standard Payment Institution licence (account issuance, domestic money transfer, e-money issuance, merchant acquisition, and/or DPT service as applicable)
- Who grants it
- MAS
- What triggers it
- Carrying on any of the seven regulated payment services: account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, e-money issuance, the DPT service or money-changing. A Major Payment Institution licence is required above S$3 million a month for one service, S$6 million a month across services, or S$5 million of e-money outstanding on any day; a Standard Payment Institution licence applies below those thresholds.
- Legal basis
- Payment Services Act 2019
- What it requires
- Base capital is S$250,000 for an MPI and S$100,000 for an SPI. An MPI must safeguard customer money through a bank guarantee, a trust account or insurance, and may lodge a security deposit with MAS; e-money float safeguarding rules apply. AML/CFT controls under PSN01 and PSN02, an annual audit, a Singapore-resident compliance officer and technology-risk management also apply.
Statutory clock
Not published
MAS does not publish a standard decision period for this licence. Anvesan has not established a statutory deadline, so we do not infer one.
What it takes in practice
9 to 14 months
Applicants report around 9 to 14 months for a clean, well-resourced application. The process can take longer where DPT services are involved. Pre-application work with MAS sits outside this estimate.
| Major Payment Institution, base capitalor net head office funds of S$250,000 for a foreign company |
S$250,000 |
|---|
| Standard Payment Institution, base capital |
S$100,000 |
|---|
| Security depositrising to S$200,000 above S$6 million of monthly transaction value per service |
S$100,000 |
|---|
The security deposit is lodged with MAS and is in addition to base capital.
Application fee S$1,500 for an MPI or S$1,000 for an SPI, unless the applicable per-service fees are higher. Money-changing applications are S$500.
Payment Institution licence: cards and stored value
In full Major / Standard Payment Institution licence (e-money issuance and/or account issuance; DPT service where stablecoins are loaded), or partnership with a licensed bank for BIN sponsorship
- Who grants it
- MAS
- What triggers it
- Issuing payment cards or stored-value facilities, or operating a consumer spending app that loads fiat as e-money or stablecoins as digital payment tokens for spending in Singapore. The licence follows the value being handled: e-money issuance, account issuance or the DPT service. Card-scheme and BIN access usually comes through a sponsoring licensed bank or e-money issuer.
- Legal basis
- Payment Services Act 2019 (e-money issuance, account issuance, DPT service); Banking Act 1970 for bank-issued cards / BIN sponsors
- What it requires
- Base capital is S$250,000 for an MPI and S$100,000 for an SPI. The e-money float must be safeguarded, and an MPI must safeguard customer money. AML/CFT controls under PSN02 apply, and card-scheme rules reach the programme through the sponsoring bank's contract. Where stablecoins are loaded, the DPT segregation, custody and user-protection rules apply as well.
Statutory clock
Not published
MAS does not publish a standard decision period for this licence. Anvesan has not established a statutory deadline, so we do not infer one.
What it takes in practice
9 to 14 months
Applicants report around 9 to 14 months for a clean, well-resourced application. The process can take longer where DPT services are involved. Pre-application work with MAS sits outside this estimate.
| Major Payment Institution, base capitalor net head office funds of S$250,000 for a foreign company |
S$250,000 |
|---|
| Standard Payment Institution, base capital |
S$100,000 |
|---|
| Security depositrising to S$200,000 above S$6 million of monthly transaction value per service |
S$100,000 |
|---|
The security deposit is lodged with MAS and is in addition to base capital.
Application fee S$1,500 for an MPI or S$1,000 for an SPI, unless the applicable per-service fees are higher. Money-changing applications are S$500.
Payment Institution licence: cross-border transfer
In full Major / Standard Payment Institution licence for cross-border money transfer service (plus DPT service where stablecoins are used as the rail)
- Who grants it
- MAS
- What triggers it
- Accepting money for transmission out of or into Singapore, or arranging it, including inbound and outbound remittance and B2B FX settlement, and including transfers where a stablecoin moves or settles the value. A Major Payment Institution licence is required above S$3 million a month for a single service or S$6 million a month across services; a Standard Payment Institution licence applies below those thresholds.
- Legal basis
- Payment Services Act 2019 (cross-border money transfer service; DPT service)
- What it requires
- Base capital is S$250,000 for an MPI and S$100,000 for an SPI. An MPI must safeguard customer money and may lodge a security deposit with MAS. AML/CFT controls under PSN01 and PSN02 include the FATF travel rule and wire-transfer rules; an annual audit and a Singapore-resident compliance and AML officer also apply. Where stablecoins are the rail, the DPT segregation, custody and user-protection obligations apply as well.
Statutory clock
Not published
MAS does not publish a standard decision period for this licence. Anvesan has not established a statutory deadline, so we do not infer one.
What it takes in practice
9 to 14 months
Applicants report around 9 to 14 months for a clean, well-resourced application. The process can take longer where DPT services are involved. Pre-application work with MAS sits outside this estimate.
| Major Payment Institution, base capitalor net head office funds of S$250,000 for a foreign company |
S$250,000 |
|---|
| Standard Payment Institution, base capital |
S$100,000 |
|---|
| Security depositrising to S$200,000 above S$6 million of monthly transaction value per service |
S$100,000 |
|---|
The security deposit is lodged with MAS and is in addition to base capital.
Application fee S$1,500 for an MPI or S$1,000 for an SPI, unless the applicable per-service fees are higher. Money-changing applications are S$500.
What to watch
Regulatory changes only: what is being decided, by whom, and when. Company-level licence changes are tracked in Atlas Pro. Reviewed 10 September 2026.
Ahead
16 October 2026
Consultation closes
MAS consults on the Payment Services Act amendments for stablecoins
MAS opened a consultation on 1 September 2026 on amendments to the Payment Services Act that would bring the stablecoin framework into force. The consultation closes on 16 October 2026. The amendments set out who can qualify as a MAS-regulated stablecoin issuer and the safeguards they must meet. Detailed thresholds and rules will follow in subsidiary legislation.
What changes Until the Act is amended, the single-currency stablecoin framework remains a set of published expectations rather than a licence. This consultation is the step that could turn it into one.
MAS, consultation on legislative amendments to implement the stablecoin regulatory framework
Recently landed
1 September 2026
Proposed
No interest or return may be paid to a stablecoin holder
The proposed rules would prohibit paying interest, a return or any other benefit simply for holding a stablecoin.
What changes It would close off yield-bearing models for MAS-regulated stablecoins, similar to the treatment of e-money tokens under MiCA.
MAS consultation paper of 1 September 2026
Questions this page answers
How many companies hold a stablecoin-related licence in Singapore?
Atlas tracks 39 authorisations across 35 companies in Singapore, all currently licensed. The records come from MAS's register and were checked on 21 September 2026.
Who regulates stablecoins in Singapore?
The Monetary Authority of Singapore (MAS). Digital payment token services are regulated under the Payment Services Act 2019, while Singapore's dedicated single-currency stablecoin framework is being implemented through amendments to the same Act.
What licence does a stablecoin business need in Singapore?
It depends on the activity. Issuing, holding, exchanging and transferring digital payment tokens fall under the Payment Services Act, generally through a Standard or Major Payment Institution licence. A separate single-currency stablecoin framework is being brought into force.
How long does a licence take in Singapore?
MAS does not publish a standard decision period for the Payment Services Act licences tracked here. Applicants report around 9 to 14 months in practice for a clean, well-resourced application, with pre-application work outside that estimate.
How much capital does a stablecoin licence require in Singapore?
The minimum depends on the licence. Standard Payment Institutions generally require S$100,000 in base capital, while Major Payment Institutions require S$250,000. The single-currency stablecoin framework adds a higher capital requirement for qualifying issuers.
How these numbers are made
- Registers read
- The official MAS registers used for this regime. Where a public register does not provide a record, the source is identified separately above.
- Cadence
- Checked daily. Changes are recorded when they appear in the register, together with the date they were seen. Last checked 21 September 2026.
- Licence detail reviewed
- 10 September 2026. Counts are refreshed daily. Licence terms, timelines and capital thresholds are reviewed separately because they come from the underlying rules rather than the register.
- Known gap
- “Unavailable” means the figure does not yet exist or has not been published. “Not sourced” means the figure exists but Anvesan has not yet verified it. Neither is estimated.
- Corrections
- research@anvesan.org