Singapore

Retail_Trading_Status

Allowed-Regulated Unknown

Analysis ID: #196
Version: Archived
Created: 2025-04-12 09:23
Run: a932bfd3...
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Workflow Stage: Live

Executive Summary

Retail cryptocurrency trading is legally permitted and regulated in Singapore. The Monetary Authority of Singapore (MAS) oversees the cryptocurrency market, enforcing strict AML/CFT compliance and consumer protection measures. The Payment Services Act (PSA) 2019 establishes the licensing framework for Digital Payment Token (DPT) service providers. Cryptocurrencies are recognized as property but not legal tender, and the regulatory environment is continually evolving to balance innovation and risk mitigation.

Detailed Explanation

Singapore permits retail cryptocurrency trading under a well-defined and actively managed regulatory environment overseen by the Monetary Authority of Singapore (MAS). Cryptocurrencies, locally termed Digital Payment Tokens (DPTs), are recognized as property but not as legal tender. The Payment Services Act (PSA) 2019 is the cornerstone of cryptocurrency regulation, establishing a licensing framework for DPT service providers, including exchanges and custodian wallet providers. These providers must obtain licenses from MAS as either Standard Payment Institutions or Major Payment Institutions, depending on transaction volumes. Licensed entities are subject to stringent regulatory requirements primarily focused on Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and consumer protection. AML/CFT compliance includes risk assessment, Customer Due Diligence (CDD or KYC), enhanced due diligence for high-risk clients, transaction monitoring, and reporting suspicious transactions (STRs). DPT service providers must also comply with the FATF's Travel Rule, requiring the exchange of originator and beneficiary information for DPT transfers; Notice PSN02 applies this rule to all transaction sizes, with enhanced requirements above SGD 1,500. MAS has implemented measures targeting retail consumer protection, acknowledging the high risks associated with cryptocurrency speculation. Implemented in phases, with specific actions in October 2024 and June 2025, these measures include requiring DPT service providers to assess a retail customer's risk awareness, prohibiting incentives, financing, leverage, or margin trading to retail customers, barring locally issued credit card payments for crypto purchases, and prohibiting the offering of crypto derivatives to retail investors. Furthermore, customer assets must be segregated and held in trust, with a significant portion (e.g., 90%) held in cold storage. The lending or staking of DPTs belonging to retail customers is prohibited, and clear disclosures about risks and conflicts of interest are required. MAS maintains a cautious stance, aiming to foster an "innovative and responsible digital asset ecosystem" while strongly warning consumers about the inherent volatility and risks. Amendments to the PSA in April 2024 expanded the scope of regulated activities to include custody services, certain DPT transfer facilitation, and cross-border money transfers involving DPTs. Overall, Singapore's regulatory framework is designed to mitigate risks related to illicit finance and consumer harm while allowing individual citizens and residents to buy, sell, and hold cryptocurrencies, subject to the outlined regulatory constraints.

Summary Points

Here's a bullet-point summary of the Retail Cryptocurrency Trading Status in Singapore, based on the provided report:

Retail Cryptocurrency Trading Status in Singapore (April 12, 2025)

I. General Status

Allowed-Regulated: Retail trading of cryptocurrencies (Digital Payment Tokens - DPTs) is legal in Singapore.
Not Legal Tender: Cryptocurrencies are not considered legal tender but are recognized as property.

II. Key Regulatory Bodies

Monetary Authority of Singapore (MAS):
- Central bank and primary financial regulator for cryptocurrency activities.
- Responsible for licensing and supervising DPT service providers.

III. Important Legislation and Regulations

Payment Services Act (PSA) 2019:
- Cornerstone of cryptocurrency regulation in Singapore.
- Establishes a licensing framework for DPT service providers.
- Recent amendments (April 2024) expanded scope to include custody services, certain DPT transfer facilitation, and cross-border money transfers involving DPTs.

IV. Licensing Requirements

DPT Service Providers:
- Entities operating exchanges, facilitating buying/selling, or providing custodian wallets must obtain a license from MAS.
- Two license types: Standard Payment Institution and Major Payment Institution (based on transaction volume).

V. Compliance Requirements

Anti-Money Laundering (AML) / Countering the Financing of Terrorism (CFT):
- Robust policies and procedures required.
- Risk assessment and mitigation.
- Customer Due Diligence (CDD/KYC).
- Enhanced Due Diligence for high-risk clients.
- Transaction monitoring.
- Suspicious Transaction Reporting (STRs).
Travel Rule:
- Compliance with FATF's Travel Rule.
- Collection and exchange of originator and beneficiary information for DPT transfers.
- Notice PSN02 applies the rule to all transaction sizes, with enhanced requirements above SGD 1,500.
Consumer Protection:
- Measures implemented in phases (e.g., October 2024, June 2025) to protect retail consumers.
- Risk awareness assessment of retail customers before access to services.
- Segregation of customer assets from provider's assets (held in trust).
- Significant portion (e.g., 90%) of customer assets held in cold storage.
- Clear disclosures about risks and conflicts of interest.

VI. Notable Restrictions and Limitations for Retail Customers

Prohibited Activities:
- Offering incentives to retail customers.
- Providing financing, leverage, or margin trading to retail customers.
- Accepting locally issued credit card payments for crypto purchases.
- Offering crypto derivatives to retail investors.
- Lending or staking of DPTs belonging to retail customers.

VII. Recent Developments and Changes

April 2024 Amendments to PSA: Expanded scope of regulated activities (custody, DPT transfer facilitation, cross-border money transfers).
Ongoing Implementation of Consumer Protection Measures: Phased rollout of restrictions and requirements aimed at mitigating risks for retail investors.
MAS Warnings: Continued warnings to consumers about the volatility and risks of cryptocurrency trading.

Full Analysis Report

Report: Retail Cryptocurrency Trading Status in Singapore

Date: April 12, 2025

Analyst: Financial Regulatory Analyst AI

Topic: Retail_Trading_Status

Description: Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued)

1. Current Status:

Allowed-Regulated

2. Narrative Explanation:

Individual citizens and residents in Singapore are legally permitted to buy, sell, and hold cryptocurrencies, often referred to locally as Digital Payment Tokens (DPTs). While cryptocurrencies are not considered legal tender [2, 3, 4, 5, 19, 21], they are recognized as property and their trading is legal [5, 15, 19, 21]. The regulatory environment is well-defined and actively managed by the Monetary Authority of Singapore (MAS), the country's central bank and financial regulator [2, 3, 8, 14].

The cornerstone of cryptocurrency regulation in Singapore is the Payment Services Act (PSA) 2019 [2, 3, 4, 5, 8, 11, 12, 14, 19, 20, 21]. The PSA establishes a licensing framework for various payment services, including those dealing with DPTs. Entities providing DPT services, such as operating exchanges, facilitating the buying/selling of DPTs, or providing custodian wallets, must obtain a license from MAS as either a Standard Payment Institution or a Major Payment Institution, depending on transaction volumes [2, 4, 5, 8, 14, 15, 18].

Licensed DPT service providers are subject to stringent regulatory requirements, primarily focused on Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and consumer protection [3, 5, 17, 20, 21, 22]. Key obligations include:
* AML/CFT Compliance: Implementing robust policies and procedures, including risk assessment, Customer Due Diligence (CDD or KYC - Know Your Customer), enhanced due diligence for higher-risk clients, transaction monitoring, and reporting suspicious transactions (STRs) [3, 5, 8, 17, 20].
* Travel Rule: Complying with the FATF's Travel Rule, requiring the collection and exchange of originator and beneficiary information for DPT transfers above certain thresholds (though Notice PSN02 applies the rule to all transaction sizes, with enhanced requirements above SGD 1,500) [3, 15].
* Consumer Protection: MAS has implemented significant measures specifically targeting the protection of retail consumers, acknowledging the high risks associated with cryptocurrency speculation [4, 6, 7, 9, 10, 21, 27]. These measures, being implemented in phases (e.g., October 2024, June 2025), include:
* Requiring DPT service providers to assess a retail customer's risk awareness before allowing them access to services [6, 9, 27].
* Prohibiting DPT service providers from offering incentives, financing, leverage, or margin trading to retail customers [6, 9].
* Barring the acceptance of locally issued credit card payments for crypto purchases by retail customers [9].
* Prohibiting the offering of crypto derivatives to retail investors [6, 24].
* Mandating the segregation of customer assets from the provider's own assets, holding them in trust [4, 10, 22].
* Requiring a significant portion (e.g., 90%) of customer assets to be held in cold storage [10, 22].
* Prohibiting the lending or staking of DPTs belonging to retail customers [4, 10, 22].
* Requiring clear disclosures about risks and conflicts of interest [9, 10].

MAS maintains a cautious stance, aiming to foster an "innovative and responsible digital asset ecosystem" [4] while strongly warning consumers about the inherent volatility and risks of cryptocurrency trading [9, 10]. Recent amendments to the PSA in April 2024 further expanded the scope of regulated activities to include custody services, certain DPT transfer facilitation, and cross-border money transfers involving DPTs [10, 17].

In summary, retail trading of cryptocurrencies in Singapore is permitted within a comprehensive and evolving regulatory framework designed to mitigate risks related to illicit finance and consumer harm. While individuals can trade freely, the platforms they use are heavily regulated, and specific rules directly limit certain activities for retail participants to reduce speculative risks.

3. Supporting Excerpts:

On Legality: "Yes. It is legal to both own and trade cryptocurrencies in Singapore." [15] "It is legal to own and exchange cryptocurrencies in Singapore. The Payment Services Act, 2019, defines crypto as a medium of exchange." [5]
On Regulation via PSA/MAS: "The Payment Services Act (PSA) is the cornerstone of crypto regulations in Singapore, specifically designed to govern the realm of digital payment tokens (DPTs). It mandates licenses for a spectrum of activities..." [2] "The Monetary Authority of Singapore (MAS) controls and regulates cryptocurrency in Singapore." [2] "Singapore's crypto scene is largely governed by the Monetary Authority of Singapore (MAS), with the Payment Services Act (PSA) 2019 serving as the primary framework for cryptocurrency-related operations." [8]
On Licensing: "Cryptocurrency companies in Singapore are regulated by the Monetary Authority of Singapore (MAS)... companies wishing to provide related services must be licensed as payment institutions (Small Payment Institutions or Major Payment Institutions)." [14] "In Singapore, VASPs are subject to the licensing requirements outlined in the Payment Services Act (2019) (PSA)." [15]
On AML/KYC/Travel Rule: "DPT providers in Singapore must implement AML/CFT procedures and policies, including: Risk assessment and risk mitigation... Customer Due Diligence (CDD)... Enhanced Due Diligence measures..." [3] "As part of their AML obligations, DPT service providers must comply with the Travel Rule as imposed by the MAS." [3]
On Retail Consumer Protection: "With regard to consumer access measures, DPT service providers should discourage cryptocurrency speculation by retail customers by: Determining a customer's risk awareness... Not offering any incentives... Not providing financing, margin or leverage transactions; Not accepting locally issued credit card payments..." [9] "As prices of cryptocurrencies are highly volatile, the use of any form of credit, leverage or instrument such as derivatives contracts that reference cryptocurrencies as the underlying assets are not allowed with retail investors. These measures... will take effect in June 2025." [6] "Under the new guidance, customers' digital assets held in trust must be segregated from the assets of the service provider... A significant portion, ninety percent, of customer assets must be stored offline in cold wallets." [10] "MAS has consistently voiced concerns that cryptocurrencies are unsuitable investments for retail consumers. Accordingly, the guidelines mandate that service providers prevent retail customers from engaging in activities like pledging, lending, or staking their digital assets." [10]
On Not Being Legal Tender: "Cryptocurrencies are not treated as the equivalent of money in Singapore." [4] "While Bitcoin is not regarded as legal tender in Singapore, cryptocurrency exchanges and trading is legal in Singapore." [19]
On MAS Stance/Warnings: "The Singapore Government has repeatedly emphasised its intention to develop an “innovative and responsible digital asset ecosystem in Singapore”." [4] "We urge consumers to remain vigilant and exercise utmost caution when dealing in DPT services, and to not deal with unregulated entities..." (Quote from MAS Deputy Managing Director) [9]

4. Source URLs:

[2] KYC Hub - Singapore Crypto Regulations: https://kychub.com/singapore-crypto-regulations/ (Redirected via Google Search)
[3] Sumsub - Singapore Crypto Regulations: https://sumsub.com/blog/singapore-crypto-regulations/ (Redirected via Google Search)
[4] ICLG - Blockchain & Cryptocurrency Laws and Regulations 2025 – Singapore: https://iclg.com/practice-areas/blockchain-laws-and-regulations/singapore (Redirected via Google Search)
[5] Merkle Science - Overview of Cryptocurrency Regulations in Singapore 2022: https://www.merklescience.com/blog/overview-of-cryptocurrency-regulations-in-singapore (Redirected via Google Search)
[6] The Straits Times - More S'pore consumer protection rules for retail crypto investors on the way: https://www.straitstimes.com/business/more-spore-consumer-protection-rules-for-retail-crypto-investors-on-the-way (Redirected via Google Search)
[7] Monetary Authority of Singapore (MAS) - News Section (showing relevant releases): https://www.mas.gov.sg/news (Redirected via Google Search)
[8] Advomi - Legal requirements to setting up a crypto exchange in Singapore: https://advomi.com/insights/legal-requirements-to-setting-up-a-crypto-exchange-in-singapore (Redirected via Google Search)
[9] Monetary Authority of Singapore (MAS) - MAS Strengthens Regulatory Measures for Digital Payment Token Services (Nov 2023): https://www.mas.gov.sg/news/media-releases/2023/mas-strengthens-regulatory-measures-for-digital-payment-token-services (Redirected via Google Search)
[10] Ledger Insights - MAS introduces new crypto regulations, including digital asset custody (Apr 2024): https://www.ledgerinsights.com/mas-crypto-regulations-digital-asset-custody/ (Redirected via Google Search)
[11] Scorechain - Payment Services Act in Singapore: https://www.scorechain.com/blog/payment-services-act-in-singapore (Redirected via Google Search)
[12] Norton Rose Fulbright - Singapore Payment Services Act: Impact on the payments industry: https://www.nortonrosefulbright.com/en/knowledge/publications/9c369e5d/singapore-payment-services-act-impact-on-the-payments-industry (Redirected via Google Search)
[14] Gofaizen & Sherle - How to get a Singapore (MAS) crypto exchange license: https://goshen.com/blog/how-to-get-a-singapore-mas-crypto-exchange-license (Redirected via Google Search)
[15] Notabene - Travel Rule Crypto in Singapore by the MAS [2025]: https://notabene.id/crypto-travel-rule-singapore (Redirected via Google Search)
[17] Moody's - Tighter regulations for Singapore's digital payment tokens service providers (May 2024): https://www.moodys.com/web/en/us/kyc/insights/articles/tighter-regulations-singapore-digital-payment-tokens-service-providers.html (Redirected via Google Search)
[18] InnReg - How to Get a Crypto Exchange License in 2025: https://innreg.com/blog/how-to-get-a-crypto-exchange-license (Redirected via Google Search)
[19] Coinhako - Is Bitcoin legal in Singapore?: https://blog.coinhako.com/is-bitcoin-legal-in-singapore/ (Redirected via Google Search)
[20] KYC Chain - Maintaining KYC, AML & CTF Compliance across Multiple Jurisdictions for Crypto Firms: https://kyc-chain.com/maintaining-kyc-aml-ctf-compliance-across-multiple-jurisdictions-for-crypto-firms/ (Redirected via Google Search)
[21] Sanction Scanner - Singapore and Virtual Assets Regulations: https://sanctionscanner.com/blog/singapore-and-virtual-assets-regulations-339 (Redirected via Google Search)
[22] Advomi - Monetary Authority of Singapore (“MAS”) Regulatory Guidelines for Cryptoassets in Singapore: https://advomi.com/insights/mas-regulatory-guidelines-for-cryptoassets-in-singapore (Redirected via Google Search)
[24] South China Morning Post - Singapore Exchange to list bitcoin futures... (Mar 2025): https://www.scmp.com/business/banking-finance/article/3299916/singapore-exchange-list-bitcoin-futures-join-global-shift-expanding-crypto-derivatives (Redirected via Google Search)
[27] Crypto Council for Innovation - How is Singapore Harmonizing Crypto and Banking?: https://cryptocouncil.org/news-insights/how-is-singapore-harmonizing-crypto-and-banking/ (Redirected via Google Search)

**Report: Retail Cryptocurrency Trading Status in Singapore**

**Date:** April 12, 2025

**Analyst:** Financial Regulatory Analyst AI

---

**Topic: Retail_Trading_Status**

**Description:** Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued)

---

**1. Current Status:**

**Allowed-Regulated**

**2. Narrative Explanation:**

Individual citizens and residents in Singapore are legally permitted to buy, sell, and hold cryptocurrencies, often referred to locally as Digital Payment Tokens (DPTs). While cryptocurrencies are not considered legal tender [2, 3, 4, 5, 19, 21], they are recognized as property and their trading is legal [5, 15, 19, 21]. The regulatory environment is well-defined and actively managed by the Monetary Authority of Singapore (MAS), the country's central bank and financial regulator [2, 3, 8, 14].

The cornerstone of cryptocurrency regulation in Singapore is the **Payment Services Act (PSA) 2019** [2, 3, 4, 5, 8, 11, 12, 14, 19, 20, 21]. The PSA establishes a licensing framework for various payment services, including those dealing with DPTs. Entities providing DPT services, such as operating exchanges, facilitating the buying/selling of DPTs, or providing custodian wallets, must obtain a license from MAS as either a Standard Payment Institution or a Major Payment Institution, depending on transaction volumes [2, 4, 5, 8, 14, 15, 18].

Licensed DPT service providers are subject to stringent regulatory requirements, primarily focused on Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and consumer protection [3, 5, 17, 20, 21, 22]. Key obligations include:
*   **AML/CFT Compliance:** Implementing robust policies and procedures, including risk assessment, Customer Due Diligence (CDD or KYC - Know Your Customer), enhanced due diligence for higher-risk clients, transaction monitoring, and reporting suspicious transactions (STRs) [3, 5, 8, 17, 20].
*   **Travel Rule:** Complying with the FATF's Travel Rule, requiring the collection and exchange of originator and beneficiary information for DPT transfers above certain thresholds (though Notice PSN02 applies the rule to all transaction sizes, with enhanced requirements above SGD 1,500) [3, 15].
*   **Consumer Protection:** MAS has implemented significant measures specifically targeting the protection of retail consumers, acknowledging the high risks associated with cryptocurrency speculation [4, 6, 7, 9, 10, 21, 27]. These measures, being implemented in phases (e.g., October 2024, June 2025), include:
    *   Requiring DPT service providers to assess a retail customer's risk awareness before allowing them access to services [6, 9, 27].
    *   Prohibiting DPT service providers from offering incentives, financing, leverage, or margin trading to retail customers [6, 9].
    *   Barring the acceptance of locally issued credit card payments for crypto purchases by retail customers [9].
    *   Prohibiting the offering of crypto derivatives to retail investors [6, 24].
    *   Mandating the segregation of customer assets from the provider's own assets, holding them in trust [4, 10, 22].
    *   Requiring a significant portion (e.g., 90%) of customer assets to be held in cold storage [10, 22].
    *   Prohibiting the lending or staking of DPTs belonging to retail customers [4, 10, 22].
    *   Requiring clear disclosures about risks and conflicts of interest [9, 10].

MAS maintains a cautious stance, aiming to foster an "innovative and responsible digital asset ecosystem" [4] while strongly warning consumers about the inherent volatility and risks of cryptocurrency trading [9, 10]. Recent amendments to the PSA in April 2024 further expanded the scope of regulated activities to include custody services, certain DPT transfer facilitation, and cross-border money transfers involving DPTs [10, 17].

In summary, retail trading of cryptocurrencies in Singapore is permitted within a comprehensive and evolving regulatory framework designed to mitigate risks related to illicit finance and consumer harm. While individuals can trade freely, the platforms they use are heavily regulated, and specific rules directly limit certain activities for retail participants to reduce speculative risks.

**3. Supporting Excerpts:**

*   **On Legality:** "Yes. It is legal to both own and trade cryptocurrencies in Singapore." [15] "It is legal to own and exchange cryptocurrencies in Singapore. The Payment Services Act, 2019, defines crypto as a medium of exchange." [5]
*   **On Regulation via PSA/MAS:** "The Payment Services Act (PSA) is the cornerstone of crypto regulations in Singapore, specifically designed to govern the realm of digital payment tokens (DPTs). It mandates licenses for a spectrum of activities..." [2] "The Monetary Authority of Singapore (MAS) controls and regulates cryptocurrency in Singapore." [2] "Singapore's crypto scene is largely governed by the Monetary Authority of Singapore (MAS), with the Payment Services Act (PSA) 2019 serving as the primary framework for cryptocurrency-related operations." [8]
*   **On Licensing:** "Cryptocurrency companies in Singapore are regulated by the Monetary Authority of Singapore (MAS)... companies wishing to provide related services must be licensed as payment institutions (Small Payment Institutions or Major Payment Institutions)." [14] "In Singapore, VASPs are subject to the licensing requirements outlined in the Payment Services Act (2019) (PSA)." [15]
*   **On AML/KYC/Travel Rule:** "DPT providers in Singapore must implement AML/CFT procedures and policies, including: Risk assessment and risk mitigation... Customer Due Diligence (CDD)... Enhanced Due Diligence measures..." [3] "As part of their AML obligations, DPT service providers must comply with the Travel Rule as imposed by the MAS." [3]
*   **On Retail Consumer Protection:** "With regard to consumer access measures, DPT service providers should discourage cryptocurrency speculation by retail customers by: Determining a customer's risk awareness... Not offering any incentives... Not providing financing, margin or leverage transactions; Not accepting locally issued credit card payments..." [9] "As prices of cryptocurrencies are highly volatile, the use of any form of credit, leverage or instrument such as derivatives contracts that reference cryptocurrencies as the underlying assets are not allowed with retail investors. These measures... will take effect in June 2025." [6] "Under the new guidance, customers' digital assets held in trust must be segregated from the assets of the service provider... A significant portion, ninety percent, of customer assets must be stored offline in cold wallets." [10] "MAS has consistently voiced concerns that cryptocurrencies are unsuitable investments for retail consumers. Accordingly, the guidelines mandate that service providers prevent retail customers from engaging in activities like pledging, lending, or staking their digital assets." [10]
*   **On Not Being Legal Tender:** "Cryptocurrencies are not treated as the equivalent of money in Singapore." [4] "While Bitcoin is not regarded as legal tender in Singapore, cryptocurrency exchanges and trading is legal in Singapore." [19]
*   **On MAS Stance/Warnings:** "The Singapore Government has repeatedly emphasised its intention to develop an “innovative and responsible digital asset ecosystem in Singapore”." [4] "We urge consumers to remain vigilant and exercise utmost caution when dealing in DPT services, and to not deal with unregulated entities..." (Quote from MAS Deputy Managing Director) [9]

**4. Source URLs:**

*   [2] KYC Hub - Singapore Crypto Regulations: `https://kychub.com/singapore-crypto-regulations/` (Redirected via Google Search)
*   [3] Sumsub - Singapore Crypto Regulations: `https://sumsub.com/blog/singapore-crypto-regulations/` (Redirected via Google Search)
*   [4] ICLG - Blockchain & Cryptocurrency Laws and Regulations 2025 – Singapore: `https://iclg.com/practice-areas/blockchain-laws-and-regulations/singapore` (Redirected via Google Search)
*   [5] Merkle Science - Overview of Cryptocurrency Regulations in Singapore 2022: `https://www.merklescience.com/blog/overview-of-cryptocurrency-regulations-in-singapore` (Redirected via Google Search)
*   [6] The Straits Times - More S'pore consumer protection rules for retail crypto investors on the way: `https://www.straitstimes.com/business/more-spore-consumer-protection-rules-for-retail-crypto-investors-on-the-way` (Redirected via Google Search)
*   [7] Monetary Authority of Singapore (MAS) - News Section (showing relevant releases): `https://www.mas.gov.sg/news` (Redirected via Google Search)
*   [8] Advomi - Legal requirements to setting up a crypto exchange in Singapore: `https://advomi.com/insights/legal-requirements-to-setting-up-a-crypto-exchange-in-singapore` (Redirected via Google Search)
*   [9] Monetary Authority of Singapore (MAS) - MAS Strengthens Regulatory Measures for Digital Payment Token Services (Nov 2023): `https://www.mas.gov.sg/news/media-releases/2023/mas-strengthens-regulatory-measures-for-digital-payment-token-services` (Redirected via Google Search)
*   [10] Ledger Insights - MAS introduces new crypto regulations, including digital asset custody (Apr 2024): `https://www.ledgerinsights.com/mas-crypto-regulations-digital-asset-custody/` (Redirected via Google Search)
*   [11] Scorechain - Payment Services Act in Singapore: `https://www.scorechain.com/blog/payment-services-act-in-singapore` (Redirected via Google Search)
*   [12] Norton Rose Fulbright - Singapore Payment Services Act: Impact on the payments industry: `https://www.nortonrosefulbright.com/en/knowledge/publications/9c369e5d/singapore-payment-services-act-impact-on-the-payments-industry` (Redirected via Google Search)
*   [14] Gofaizen & Sherle - How to get a Singapore (MAS) crypto exchange license: `https://goshen.com/blog/how-to-get-a-singapore-mas-crypto-exchange-license` (Redirected via Google Search)
*   [15] Notabene - Travel Rule Crypto in Singapore by the MAS [2025]: `https://notabene.id/crypto-travel-rule-singapore` (Redirected via Google Search)
*   [17] Moody's - Tighter regulations for Singapore's digital payment tokens service providers (May 2024): `https://www.moodys.com/web/en/us/kyc/insights/articles/tighter-regulations-singapore-digital-payment-tokens-service-providers.html` (Redirected via Google Search)
*   [18] InnReg - How to Get a Crypto Exchange License in 2025: `https://innreg.com/blog/how-to-get-a-crypto-exchange-license` (Redirected via Google Search)
*   [19] Coinhako - Is Bitcoin legal in Singapore?: `https://blog.coinhako.com/is-bitcoin-legal-in-singapore/` (Redirected via Google Search)
*   [20] KYC Chain - Maintaining KYC, AML & CTF Compliance across Multiple Jurisdictions for Crypto Firms: `https://kyc-chain.com/maintaining-kyc-aml-ctf-compliance-across-multiple-jurisdictions-for-crypto-firms/` (Redirected via Google Search)
*   [21] Sanction Scanner - Singapore and Virtual Assets Regulations: `https://sanctionscanner.com/blog/singapore-and-virtual-assets-regulations-339` (Redirected via Google Search)
*   [22] Advomi - Monetary Authority of Singapore (“MAS”) Regulatory Guidelines for Cryptoassets in Singapore: `https://advomi.com/insights/mas-regulatory-guidelines-for-cryptoassets-in-singapore` (Redirected via Google Search)
*   [24] South China Morning Post - Singapore Exchange to list bitcoin futures... (Mar 2025): `https://www.scmp.com/business/banking-finance/article/3299916/singapore-exchange-list-bitcoin-futures-join-global-shift-expanding-crypto-derivatives` (Redirected via Google Search)
*   [27] Crypto Council for Innovation - How is Singapore Harmonizing Crypto and Banking?: `https://cryptocouncil.org/news-insights/how-is-singapore-harmonizing-crypto-and-banking/` (Redirected via Google Search)

Web Sources (20)

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What is the current status of retail cryptocurrency trading in Singapore?
Are individuals allowed to trade crypto in Singapore?
What regulations apply to crypto exchanges in Singapore?
Singapore MAS cryptocurrency regulations retail
Payment Services Act Singapore crypto
Singapore crypto trading rules KYC AML

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