Blockchain companies in Singapore work under the Monetary Authority of Singapore (MAS), which supports tokenization by banks and restricts crypto sales to the public. This guide covers the licenses, the 2025 rule on offshore token services, the stablecoin law, the main public projects and how to assess a development firm.
Licenses for blockchain companies in Singapore
| Law | Who needs a license | Status |
|---|---|---|
| Payment Services Act 2019 | Firms that deal in, exchange, hold or transfer digital payment tokens | In force since January 2020 |
| Financial Services and Markets Act (FSMA) | Firms in Singapore that provide digital token services only to customers outside Singapore | In force since 30 June 2025 |
| Securities and Futures Act | Issuers and venues for tokens that are capital markets products, such as security tokens | In force |
| Stablecoin amendments to the Payment Services Act | Issuers that want the "MAS-regulated stablecoin" label | Draft published September 2026 |
Digital payment token services
Since January 2020, a business that deals in or exchanges digital payment tokens needs a license from MAS under the Payment Services Act. Later amendments added custody and transfer of tokens. A firm applies as a standard or a major payment institution, depending on its transaction volumes. MAS grants these licenses selectively, and many applicants have withdrawn.
Rules for retail customers
The crypto market failures of 2022 affected Singapore directly. Three Arrows Capital was based in Singapore, and Terraform Labs had been incorporated there. In January 2022, MAS had already issued guidelines that told token service providers not to market to the general public. Those guidelines ended crypto ads in public places, on public transport and in broad social media campaigns. MAS later added these consumer protection rules:
- A firm holds customer assets in trust, separate from its own assets.
- A retail customer passes a risk awareness test before trading.
- A firm may not lend or stake a retail customer's tokens.
- A firm may not offer sign-up bonuses or other incentives to retail customers.
A product for Singapore retail users builds these rules into onboarding and account flows.
The 2025 rule on offshore token services
From 30 June 2025, the FSMA requires a license from any firm in Singapore that provides digital token services only to customers abroad. The rule also covers individuals who run such services from Singapore. MAS said it would generally not grant these licenses because of money laundering risk, and it gave no transition period. Firms with this model had to stop or move their operations. To decide where a firm carries on business, MAS looks at where the firm's front office staff and customers are located. Writing software for another company is a different activity, but a firm still checks which of its staff in Singapore perform token services.
Stablecoins and security tokens
MAS finalized a stablecoin framework in 2023 for single-currency stablecoins issued in Singapore and pegged to the Singapore dollar or a G10 currency. The framework sets rules on reserves, redemption and disclosure. On 1 September 2026, MAS published draft amendments to the Payment Services Act that give the framework legal force. The draft widens the definition of a stablecoin and proposes to recognize some stablecoins issued abroad. Only licensed issuers may use the label "MAS-regulated stablecoin". The public consultation on the draft closed on 16 October 2026, and MAS will consult separately on the detailed rules for reserves and redemption.
A token that is a capital markets product, such as a security token, falls under the Securities and Futures Act, and its issuer needs a prospectus or an exemption.
Tokenization projects run by MAS
Project Ubin ran from 2016 to 2020 and tested interbank payments on a blockchain. MAS started Project Guardian in 2022 with banks and asset managers to test tokenized bonds, funds and foreign exchange on public and permissioned networks. In 2025, MAS published Project Guardian reports on tokenized bank liabilities and on tokenized funds. In November 2025, MAS said it would link Project Guardian products across currencies and assets so that firms can use them commercially.
In October 2025, MAS started BLOOM, a project for settlement in tokenized bank deposits and regulated stablecoins. MAS also tested tokenized MAS bills settled in a wholesale central bank digital currency. The tokenization platform guide explains the architecture these pilots use.
The sector and its talent
Singapore hosts the Asian head offices of large exchanges, custodians, market makers and protocol foundations. Global banks run digital asset teams there. DBS, J.P. Morgan and Temasek set up Partior, a Singapore-based payment network, in 2021, and Standard Chartered joined as a shareholder in 2022. Singapore's time zone overlaps with both Asia and Europe.
The National University of Singapore and Nanyang Technological University train strong engineers, but the local supply is small compared with demand. Senior engineer salaries are among the highest in Asia, and office rents are high. A foreign professional usually needs an Employment Pass. Since September 2023, the Ministry of Manpower has scored Employment Pass applications under the COMPASS points system, which weighs salary, qualifications and the diversity of the firm's staff. Many Singapore firms keep leadership, compliance and a small engineering group in Singapore and hire most developers in India, Vietnam, the Philippines or Eastern Europe.
How to assess a blockchain development company in Singapore
A firm based in Singapore knows the MAS technology risk management guidelines and the MAS rules on outsourcing. Such a firm also knows the documents a bank asks for when it reviews a supplier. That knowledge matters when MAS will review the product or a regulated bank will use it. For software outside regulated finance, firms elsewhere in Asia cost less.
- Ask whether the firm has built for a MAS-licensed payment institution or a Project Guardian participant, and what that client's technology risk review covered.
- Ask how the firm builds the retail risk awareness test and keeps customer assets separate.
- Ask whether any of the firm's Singapore staff perform token services rather than development work, given the 2025 FSMA rule.
- Ask how the firm meets a bank's outsourcing and data residency requirements.
- Ask for audit reports on contracts the firm has shipped, then interview the engineers who would work on your project.
For payment tokens, read the stablecoin guide. For protocol work, read DeFi development. To compare other markets, read the guides to Australia, Japan and the UAE.
Frequently asked questions
Can a company run an offshore-only crypto exchange from Singapore?
Since 30 June 2025, that needs an FSMA license, and MAS has said it will generally not grant one. Most firms with this model have moved their operations elsewhere.
Can a crypto app advertise in Singapore?
MAS guidelines tell token service providers not to promote to the general public, including on social media and in public places. A firm may market through its own website, its app and its official social media accounts.
Does Singapore support tokenization startups?
Yes, mainly for products sold to institutions. MAS runs Project Guardian and BLOOM, and many banks and asset managers have offices in Singapore, and those banks expect suppliers to meet regulated standards.
Does a software developer need a MAS license?
Writing software for others is generally not a regulated activity. Running a token service, holding customer assets or running systems that carry out token transactions can be regulated. A lawyer can confirm the status of a given business.