Country overview


Country stats

Rating Points
This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.
Crypto Penetration
Estimated percentage of crypto users out of the country's total population based on public data.
Legal Entities
Number of crypto companies registered in the country based on regulator data if available or other types of public data.
Regulation Points
An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.
Amount of crypto users
594 000
Total amount of crypto users out of the country's total population based on public data.
Taxation points
This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.
Market volume points
A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.
Status of crypto
Legally allowed
General status of cryptocurrency regulation in this jurisdiction.
Crypto payments
Legally allowed
The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.
Security Level
Safe place
The overall level of security in a given country based on open data.
Crypto Salaries
Legally allowed
The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.
Business Climate
Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.
Stablecoin Regulation
This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.
Bad Factors
This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.
Types of licenses
This license type allows VASP to provide legal exchange from one cryptocurrency to another.
This type of license regulates the exchange from cryptocurrency to fiat.
This country has a legal licensing procedure for companies that store cryptocurrency - - crypto wallet providers and custodians.
This indicator describes legal procedures for token sales and security token issuance. This country has a clear regulation framework and licensing procedures for entities that provide this activity.
Stablecoin issuer
This indicator means that a special license/license is required to issue stablecoins in this jurisdiction, and the procedure for obtaining it is specified in the legislation.

Singapore has traditionally been a fintech hub in Southeast Asia. This jurisdiction attracted many blockchain companies during the ICO season (2017-2018). Nevertheless, by then, Singapore had tightened crypto regulations in the same direction as Japan.

Security level

According to our rating, Singapore is qualified as a safe place. The country has 76.9 points (from 100) for the safety level Numbeo crime rating(1). Homicide level(2) is 0,2 per 100,000 inhabitants a year. Story of firearm-related death(3) 0.01 per 100,000 inhabitants a year - the lowest in the world.

Crypto Payments

Crypto payments in Singapore are legal. It’s confirmed by the local tax authority (IRAS) e-tax guide (4).


The business transaction is regarded as a barter trade. The recipient of the payment tokens would be taxed on the value of the underlying goods provided/services performed. Tax is a consequence of commercial arrangement and generally IRAS respects the form of the transaction (unless the form and substance are misaligned). In this respect, the contractual terms and value of the transaction should reflect the open market value of the goods or services. An examination of the contractual arrangement is required to determine the amount of taxable income from the receipt of payment tokens. For example, assuming both contracts below reflect the open market value of the services performed: A) Contractually due to receive an agreed value of fiat currency that is payable by payment tokens e.g. S$100 worth of Bitcoins The taxable income in this case is S$100 B) Contractually due to receive an agreed number of payment tokens e.g. one unit of Bitcoin. The taxable income in this case is the value of the one unit of payment token at the time that the income accrues to the business.

Crypto Salaries

According to the same document, the IRAS e-tax guide (5), crypto salaries are legal in the country, and “employees may be remunerated in payment tokens (e.g., Bitcoins).”


Wages paid in the form of payment tokens are taxable in the hands of the employee based on the value of the employment services performed by the employee, when the income accrues to the employee. Similar to (Crypto Payments quote, A) above, an examination of the employment contract is required to determine the taxable amount. Where payment tokens given to employees include a moratorium, the payments will be taxable when the moratorium is lifted. This is on the basis that the income only accrues to the employee at the end of the moratorium.


In 2019, Singapore’s International Commercial Court claimed that BTC has “characteristics of intangible property” and crypto operations with it are legal (6).

The Monetary Authority of Singapore (MAS) is the leading crypto regulator in this jurisdiction. Here (7), you can find a list of MAS-licensed entities. There are 17 pre-approved licenses and 180 applications for DPT licenses from MAS.

According to Coinfirm (8), Singapore is a popular jurisdiction for cryptocurrency exchanges to be based due to the low corporate tax rate (17% flat rate) and the crypto-centric progressive environment. Based on the total assumption of Coinfirm, there are 230 native blockchain organizations in the country.

MAS regulates functions according to the Payment Service Act 2019 (9). The act uses “digital payment token” and “digital payment token service.” The part of the act regulating electronic money exchange also applies to the digital payment token service.

In 2021, the PS ACT was updated and includes FATF recommendations for VASPs. A local official has published the Explanatory Brief for Payment Services (Amendment) Bill (10) about it. It’s published on the MAS website.

MAS gives standard or significant payment institution licenses for exchanges, wallets, and custodians. The type of the company in the license is “Digital payment token service,” and DPT services refer to the buying or selling of DPTs or facilitating the exchange of DPTs.

According to The Law Review (11) in 2021, “the definition of DPT services has been expanded to include the transfer of DPTs, the provision of custodian wallet services for DPTs and facilitating the exchange of DPTs without possession of moneys or DPTs by the DPT service provider.” Previously, it only regulated the exchange of DPT and its purchase.

You may see a summary of PS 2019 regulations made by Deloitte (12) in the image below.

MAS regulates digital securities and needs its approval - Capital Market Services license. You may see details about the CMS license (13) on the MAS site. The MAS also brought public offerings or issues of DPTs under the ambit of the Securities and Futures Act (SFA) in May 2020 (14), deeming approved tokens to be treated as capital market products for all purposes.

In 2023, Singapore banned (15) crypto lending and staking for retail customers.

According to the analysis of existing information on the MAS website and in the media, Singapore has a clear regulation framework and licensing procedures for: -Exchanges (crypto to crypto and crypto to fiat) -Wallet providers and custodian -ICOs -Security tokens

For crypto exchange and wallets, there are two types of licenses:

-Standard Payment Institution license for Digital payment token service

-Major Payment Institution license for Digital payment token service

It has a Capital Markets Service (CMS) license for token sales and crypto securities.

The regulator's position about licensing procedures is below.

You can find more information in the license guide from MAS (16)

Tax nameIndex
PIT tax Min22%
PIT tax Max24%
Corporate tax (CIT)17%
Min Individual CGT (for crypto)0
Max Individual CGT (for crypto)0
Wealth tax Min0
Wealth tax Max0
PIT and CIT tax

Suppose an individual or a legal entity gets a payment in digital tokens. In that case, it’s recognized (17) in Singapore as barter trade, and the profit is taxable according to its value. However, there is no additional tax if the value of crypto/its purchase increases. Basic PIT (22-24%) and CIT (17%) income tax rates in Singapore are available on the PWC website (18). According to Koinly (19), crypto trading entities must also pay income tax.

WT tax

There is no wealth tax in Singapore.

CGT tax

Singapore has no CGT tax (20), and the sale of digital payment tokens is not taxable (21).


1) Crime Index by Country 2023 Mid-Year

2)List of countries by intentional homicide rate. The list of countries by UNODC homicide rate is typically expressed in units of deaths per 100,000 individuals per year.

3)List of countries by firearm-related death rate. This is a historical list of countries by firearm-related death rate per 100,000 population in the listed year.

4 and 5)IRAS e-Tax Guide - Income Tax Treatment of Digital Tokens. PDF-file

6)Singapore Cryptocurrency Regulations. PDF-file

7 and 31)All The Licensed Crypto Services Providers in Singapore. Article

8)Licensing for Payment Service Providers - Monetary Authority of Singapore (MAS).

9)Payment Services Act 2019. Government Gazette.

10)Explanatory Brief for Payment Services (Amendment) Bill - Minister for Transport, Mr Ong Ye Kung, on behalf of Senior Minister and Minister-in-charge of the Monetary Authority of Singapore (“MAS”), Mr Tharman Shanmugaratnam, today moved the Payment Services (Amendment) Bill (“the Bill”) for First Reading in Parliament. Article

11)The Virtual Currency Regulation Review: Singapore. Article

12)Understanding the regulatory requirements of the MAS Payment Services Act

13)Capital Markets Services (CMS) Licence

14)An overview of the cryptocurrency regulations in Singapore and Thailand. Article


16)Detailed overview and license guide from MAS.

17 and 20)Increased acceptance of digital tokens spells GST and income tax rules changes.

18)PWC webiste. Singapore

19)Crypto Tax-Free Countries 2023.

21 and 25)Coinfirm's Guide to Singapore Cryptocurrency Regulations. PDF-file

22)Bitcoin ATMs In Singapore (Aug 2023): Where Are They? Article

26)Coinbase criticizes Singapore’s crypto regulations and urges the city-state to embrace retail trading. Article

27)Blockchain & Cryptocurrency Law and Regulations 2023 | Singapore

28)Crypto exchange Coinbase gets regulatory approval in Singapore. Article

29)Coinbase Beats Out Binance, Lands Regulatory Approval in Singapore - Coinbase beat out other large firms to provide crypto services in the city-state, which continues to send mixed messages to crypto firms. Article

30)MAS Statement to Address Misconceptions in the Wake of Collapse of FTX. Article

According to Fintech News, Singapore has “a modular licensing framework comprising three different license classes.”