How long does it take to get a MAS crypto license?

The MAS licensing process typically takes 6-12 months from application submission. As of February 2026, MAS has streamlined the process, reducing wait times for institutional applicants.

What is the difference between SPI and MPI license?

SPI (Standard Payment Institution) is for smaller operations with monthly transactions under SGD 3 million. MPI (Major Payment Institution) is required when exceeding these thresholds and has higher capital requirements (SGD 250,000 base capital).

How many crypto companies are licensed in Singapore?

As of January 2026, MAS has granted DPT service licenses to 36 Major Payment Institutions. Notable licensees include Coinbase, Crypto.com, Circle, Paxos, and local players like Coinhako.

← APAC FINSTAB | Singapore Overview

🇸🇬 Singapore MAS Crypto License Guide 2026

Q: How much does a Singapore crypto license cost?

MAS license fees are SGD 1,000 for Standard Payment Institution (SPI) or SGD 1,500 for Major Payment Institution (MPI). Total first-year setup costs range from SGD 500,000 to SGD 2 million including compliance, legal, and operational expenses.

Complete guide to Digital Payment Token (DPT) service licensing

        📊 Latest (Jan 2026): MAS has streamlined DPT licenses, reducing wait times. 36 Major Payment Institutions now licensed for crypto services. Singapore remains APAC's most crypto-friendly regulated hub.
    

Licensed MPIs

SGD 1.5K

License Fee

6-12mo

Process Time

SGD 250K

Min Capital

📋 License Types Overview

License Type	SPI	MPI
Full Name	Standard Payment Institution	Major Payment Institution
License Fee	SGD 1,000	SGD 1,500
Monthly Transaction Limit	< SGD 3 million	Unlimited
E-money Float Limit	< SGD 5 million	Unlimited
Base Capital	SGD 100,000	SGD 250,000
Security Deposit	Not required	Required
Best For	Startups, small ops	Exchanges, large platforms

💡 Which license do you need?
Most crypto exchanges need MPI license due to transaction volumes. SPI is only suitable for very small operations or specific niche services.

💰 Cost Breakdown

Cost Category	SPI	MPI
MAS Application Fee	SGD 1,000	SGD 1,500
Annual License Fee	SGD 1,000	SGD 1,500
Base Capital	SGD 100,000	SGD 250,000
Security Deposit	-	SGD 100,000+
Legal & Compliance Setup	SGD 50,000-150,000	SGD 150,000-400,000
AML/CFT Systems	SGD 30,000-80,000	SGD 80,000-200,000
Technology Infrastructure	SGD 50,000-200,000	SGD 200,000-500,000
Operational Setup	SGD 100,000-200,000	SGD 200,000-500,000
Total First Year	SGD 350,000-750,000	SGD 1,000,000-2,000,000

📝 License Requirements

Corporate Requirements

Singapore-incorporated company (Pte Ltd)
Permanent place of business in Singapore
At least 1 Executive Director resident in Singapore
At least 1 Director who is Singapore citizen or PR

Capital Requirements (MPI)

Base Capital: SGD 250,000 minimum
Security Deposit: SGD 100,000 or 30% of avg daily e-money float
Safeguarding: Customer funds in trust account or bank guarantee

Compliance Requirements

AML/CFT: Full compliance with MAS Notice PSN02
Travel Rule: Mandatory from March 2026
Risk Management: Enterprise risk framework required
Technology Risk: MAS Technology Risk Management Guidelines
Cybersecurity: Incident reporting within 1 hour

📅 Application Process

Step 1 Pre-Application (1-2 months)

Incorporate Singapore entity, prepare business plan, compliance framework, AML policies

Step 2 Submit Application

Apply via MAS portal with all required documents, pay SGD 1,500 fee

Step 3 MAS Review (3-6 months)

MAS reviews documents, compliance protocols, risk management, may request clarifications

Step 4 In-Principle Approval

If satisfied, MAS grants IPA with conditions to fulfill before final license

Step 5 Fulfill Conditions (2-4 months)

Complete systems setup, hire compliance team, establish bank relationships

Step 6 License Granted

Full license issued, can commence DPT services

Total Timeline: 6-12 months typical

🏢 Notable Licensed Companies

Company	License Type	Services
Coinbase Singapore	MPI	Exchange, custody
Crypto.com	MPI	Exchange, cards
Circle	MPI	USDC issuer
Paxos	MPI	Stablecoin, infrastructure
Coinhako	MPI	Local exchange
Independent Reserve	MPI	Exchange
Sparrow	MPI	Exchange
Sygnum	MPI	Digital asset bank
+ 28 more licensed MPIs

🌏 Singapore vs Hong Kong

Factor	🇸🇬 Singapore	🇭🇰 Hong Kong
License Fee	SGD 1,500	HKD 780,000
Min Capital	SGD 250,000	HKD 5,000,000
Process Time	6-12 months	12-18 months
Total First Year	SGD 1-2M	HKD 8-25M
Licensed Platforms	36	10
Retail Access	Yes (with restrictions)	Limited (3 platforms)
China Access	Limited	Better gateway
Stablecoin Rules	MAS framework	HKMA licensing

💡 Choose Singapore if: Lower capital, faster process, global focus
💡 Choose Hong Kong if: China market access, premium credential

❓ Frequently Asked Questions

How much does a Singapore crypto license cost?

MAS license fees are minimal: SGD 1,000 (SPI) or SGD 1,500 (MPI). However, total first-year costs including compliance, legal, and operations range from SGD 500,000 to SGD 2 million.

How long does it take to get approved?

Typical timeline is 6-12 months. As of February 2026, MAS has streamlined the process for institutional applicants. Well-prepared applications can be faster.

Can foreign companies apply?

Yes, but you must:

Incorporate a Singapore subsidiary (Pte Ltd)
Have at least 1 resident director
Establish physical presence in Singapore
Appoint local compliance officer

What's the Travel Rule requirement?

Singapore mandates Travel Rule compliance from March 2026. DPT service providers must collect and transmit originator/beneficiary information for transfers above SGD 1,500.

⚠️ Common Rejection Reasons:

Inadequate AML/CFT framework
Insufficient capital or security
Unfit or improper management
Unclear business model or revenue source
Incomplete documentation

🔗 Related Resources

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Last Updated: February 26, 2026
Sources: MAS, Payment Services Act, industry data
Disclaimer: For educational purposes only. Consult licensed professionals for specific advice.