Which jurisdiction is better for your crypto business?
SFC VATP License
MAS DPT License
| Factor | 🇭🇰 Hong Kong | 🇸🇬 Singapore | Winner |
|---|---|---|---|
| License Fee | HKD 780,000 (~USD 100K) | SGD 1,500 (~USD 1.1K) | 🇸🇬 Singapore |
| Minimum Capital | HKD 5,000,000 (~USD 640K) | SGD 250,000 (~USD 185K) | 🇸🇬 Singapore |
| Total First Year | HKD 8-25M (~USD 1-3.2M) | SGD 1-2M (~USD 750K-1.5M) | 🇸🇬 Singapore |
| Process Time | 12-18 months | 6-12 months | 🇸🇬 Singapore |
| Licensed Platforms | 10 fully licensed | 36 licensed MPIs | 🇸🇬 Singapore |
| Retail Access | Limited (3 platforms) | Yes (with restrictions) | 🇸🇬 Singapore |
| China Market Access | Strong gateway | Limited | 🇭🇰 Hong Kong |
| Stablecoin Licensing | HKMA regime (Mar 2026) | MAS framework | Draw |
| Tax on Crypto Gains | 0% (no CGT) | 0% (no CGT) | Draw |
| Legal System | Common Law | Common Law | Draw |
| Regulatory Reputation | SFC = premium credential | MAS = well-respected | 🇭🇰 Hong Kong (slight) |
| Banking Access | Challenging but improving | Better for crypto firms | 🇸🇬 Singapore |
| Cost Item | 🇭🇰 Hong Kong | 🇸🇬 Singapore |
|---|---|---|
| Application Fee | HKD 780,000 | SGD 1,500 |
| Annual Fee | HKD 295,000 | SGD 1,500 |
| Paid-up Capital | HKD 5,000,000 | SGD 250,000 |
| Liquid Capital / Security | HKD 3,000,000+ | SGD 100,000+ |
| Legal & Compliance | HKD 1.5-3M | SGD 150-400K |
| Technology Setup | HKD 2-5M | SGD 200-500K |
| Total First Year | HKD 8-25M (USD 1-3.2M) |
SGD 1-2M (USD 750K-1.5M) |
| Cost Ratio | Hong Kong is 2-3x more expensive than Singapore | |
| Your Priority | Best Choice | Reason |
|---|---|---|
| Lowest cost to market | 🇸🇬 Singapore | 2-3x cheaper setup |
| Fastest launch | 🇸🇬 Singapore | 6-12 months vs 12-18 |
| China/HK market focus | 🇭🇰 Hong Kong | Best mainland gateway |
| Institutional credibility | 🇭🇰 Hong Kong | SFC = premium credential |
| Global/ASEAN focus | 🇸🇬 Singapore | Better international reach |
| Stablecoin issuance | Both | Both have frameworks in 2026 |
| Startup/limited capital | 🇸🇬 Singapore | Lower capital requirements |
| Well-funded enterprise | Either | Consider getting both |
For most crypto startups: Start with Singapore - lower cost, faster, proven path.
For China-focused businesses: Go with Hong Kong - unmatched mainland access.
For well-funded enterprises: Consider both licenses - maximum market coverage.
Score: Singapore 7 - Hong Kong 4 (on quantitative factors)
Singapore is significantly cheaper. MAS license fee is SGD 1,500 vs Hong Kong SFC fee of HKD 780,000. Total first-year costs: Singapore SGD 1-2M (~USD 750K-1.5M) vs Hong Kong HKD 8-25M (~USD 1-3.2M).
Yes, many large exchanges hold licenses in both jurisdictions. This gives maximum market coverage and regulatory credibility. Budget USD 2-5M for dual licensing in the first year.
Singapore. Banks like DBS, OCBC, and UOB are more crypto-friendly. Hong Kong banking for crypto firms has historically been challenging, though improving.
Last Updated: February 26, 2026
Disclaimer: This comparison is for educational purposes. Consult licensed professionals for specific jurisdictional advice.