As we move through 2025, Singapore continues to strengthen its reputation as a leading cryptocurrency hub in the Asia-Pacific region. With its progressive stance on digital assets and a well-defined regulatory framework, the country has cultivated a thriving ecosystem for licensed cryptocurrency providers in Singapore.
Statista reports that Singapore’s cryptocurrency market is expected to generate approximately US$229.4 million in revenue by 2025. Driving this growth is the Monetary Authority of Singapore (MAS), which has established a regulatory environment that strikes a balance between innovation and oversight.
The Payment Services Act 2019 has been instrumental in providing much-needed clarity for Digital Payment Token (DPT) service providers, making Singapore an attractive destination for both local and international crypto players.
As of 3 February 2025, MAS has granted 30 major payment institutions licenses for DPT services. Notably, in 2024, Singapore doubled down on its crypto-friendly stance by issuing 13 new licences, significantly more than the previous year.
These numbers reflect not only the rising interest in Singapore’s crypto market, but also the government’s commitment to fostering innovation while maintaining robust safeguards.
In this guide, we’ll explore the current landscape of licensed cryptocurrency exchanges in Singapore, highlighting key players, regulatory updates, and essential factors to consider when choosing a trading platform.
Last Updated: 4 February 2025
Licensed Digital Payment Token Service Providers in Singapore
As of February 2025, MAS has granted licenses to 30 major payment institutions for Digital Payment Token services. Here’s a comprehensive list of these licensed providers:
Anchorage Digital Singapore Pte Ltd is a digital asset platform that provides secure custody, trading, and financial services for institutions. The company focuses on regulatory compliance and technological security to facilitate institutional participation in the digital asset space. Anchorage Digital Singapore operates as part of Anchorage Digital, a broader global firm specializing in crypto-native financial solutions.
BitGo Inc., based in Palo Alto, California, provides regulated custody, lending, and infrastructure services to over 1,500 institutional clients across 50 countries. The company also offers crypto education, instant buying, staking, and investor protection features.
Blockchain.com, formerly known as Blockchain.info, is based in London, England. It has cryptocurrency trading services, a blockchain wallet for storing digital currencies, lending services, and various data creation systems for the blockchain economy.
Bsquared Technology Pte Ltd is a liquidity and data provider that works with brokerages, exchanges, banks, payment providers, traders, and funds to facilitate efficient trade execution. Leveraging technology-driven solutions, Bsquared aims to support seamless transactions across global financial ecosystems.
Circle is a financial technology company that uses blockchain technology for its peer-to-peer payments and cryptocurrency-related products, enabling businesses and individuals to use digital currency. The company is headquartered in Boston, Massachusetts.
Coinbase is a digital asset exchange company initially headquartered in San Francisco, California, and has become a remote-first company. They broker exchanges of Bitcoin, Ethereum, Solana, and other digital assets.
DBS Vickers Securities is a securities and derivatives brokerage firm owned by DBS that allows clients to invest in stock exchanges, initial public offerings (IPOs) and private placements. It’s also the operator of the DBS Digital Exchange, a provider of member-only exchanges offering professional investors with access to digital assets such as security tokens and crypto.
dtcpay formerly known as Digital Treasures Center (DTC) is an enterprise solutions provider offering merchants online services for accepting digital payment solutions, including payment settlement, debit cards, digital wallets, and stablecoins.
FOMO Pay provides a digital payment processing platform that allows merchants and financial institutions in emerging markets to accept a full suite of mobile payments, including cryptocurrencies.
Crypto.com is a crypto exchange headquartered in Singapore that supports trading, investing, staking, wallets, non-fungible tokens (NFTs), and more. Licensed under the company name Foris DAX Asia Pte. Ltd, Crypto.com claims it has over 100 million customers.
GSR Markets Pte. Ltd. is a cryptocurrency trading and investment firm that operates as a market maker and multi-stage investor within the digital asset ecosystem. The company provides liquidity and trading solutions across various sectors of the cryptocurrency market.
In Singapore, GSR Markets Pte. Ltd. holds a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), while its UK entity, GSR Markets UK Limited, is registered as a crypto asset business with the Financial Conduct Authority (FCA).
Hong Kong-based HashKey Technology Services, the over the counter (OTC) trading division of the HashKey Group and is a Web3 infrastructure developer and virtual asset group. The group provides institutional and accredited investors with spot trading for nearly 40 digital tokens, on/off ramp services, large notional trades, and fast settlement, among other services.
Independent Reserve is a regulated crypto exchange serving over 200,000 customers in Australia, New Zealand, and Singapore.
MetaComp, formerly known as Cyberdyne Tech Services, will now be able to offer an end-to-end suite of digital asset services to corporates, as well as traditional and crypto-native institutional investors.
Moomoo enables investments in stocks, ETFs, and American depositary receipts, with trading options in the US, Hong Kong, and China. The firm is operational in the US, Malaysia, and Australia.
OKX SG Pte. Ltd., the Singapore subsidiary of cryptocurrency exchange and Web3 technology firm OKX, has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License.
This license allows OKX to offer digital payment token (DPT) and cross-border money transfer services in Singapore, in accordance with the Payment Services Act 2019. With this approval, OKX plans to develop customised products and services tailored to the local market.
Paxos is a New York-headquartered financial institution and technology company specialising in blockchain technology. The company’s product offerings include a cryptocurrency brokerage service, asset tokenisation services, and settlement services.
Paxos has two subsidiaries licensed as digital asset token providers in Singapore, Paxos Digital Singapore Pte Ltd, and Paxos Global Pte Ltd. The former has gained in-principle approval from MAS to offer digital payment token services and is set to issue a USD-backed stablecoin, compliant with the country’s proposed stablecoin regulatory framework.
Revolut is a digital bank from the UK that’s looking to introduce DPT services in Singapore soon, including the ability for local customers to buy, sell, and hold cryptocurrencies.
Ripple operates a blockchain-based digital payment network and protocol, primarily recognised for its native cryptocurrency, XRP.
Sparrow Tech Private offers digital asset products and solutions. These include enabling PayNow transactions for institutional and high-net-worth clients who buy and sell cryptocurrencies using fiat on its trading platform, as well as working with financial institutions and family offices to design bespoke digital asset solutions.
StraitsX provides digital asset payment infrastructure in Southeast Asia, issuing StraitsX SGD and StraitsX USD. These will become “MAS-regulated stablecoins” following legislative amendments. StraitsX currently has three subsidiaries licensed by MAS, namely StraitsX Payment Services Pte Ltd, StraitsX SGD Issuance Pte Ltd and StraitsX USD Issuance Pte Ltd.
Sygnum is a digital asset technology group with a Swiss banking license and a Singapore Capital Markets Services (CMS) license.
Its products and services include a digital asset management platform, a digital currency trading platform, and a range of other products and services.
Upbit, operated by Dunamu, is a digital asset exchange based in South Korea, which is active in Singapore, Indonesia, and Thailand. The platform supports cryptocurrency trading, including Bitcoin and Ethereum, and provides a web interface, mobile applications, an NFT marketplace, and staking services.
XREX Singapore, a blockchain-based fintech focused on cross-border payments, is preparing to provide various payment services, such as digital payment tokens. The company is also enhancing its BitCheck tool to facilitate transactions involving fiat, stablecoins, and cryptocurrencies.
Hako Technology operates the Coinhako crypto exchange platform, which allows investors to buy and sell cryptocurrencies using various payment methods including bank transfers and credit cards.
Triple A Technologies provides a white-label crypto payment solution, serving e-commerce merchants, retailers, game providers, payment services providers, fintech companies, marketplaces and tech companies.
Xfers Pte Ltd began as a fintech company dedicated to providing payment infrastructure and financial access solutions for businesses across Southeast Asia. In 2021, it merged with Indonesian fintech PAYFAZZ to form Fazz Financial Group.
Following the rebrand to Fazz, Xfers now operates under a single business account within the group. However, it remains officially listed as Xfers Pte Ltd with the Monetary Authority of Singapore (MAS).
Source: Monetary Authority of Singapore
An Overview of Licensed Cryptocurrency Exchanges in Singapore
Blockchain.com and Coinhako are great options for those looking for a straightforward and easy-to-navigate crypto trading experience. Blockchain.com, with its long history in the industry, offers credibility and helpful educational resources, making it a solid choice for beginners.
Coinhako, focused on the Asian market, provides a user-friendly interface and local payment options, making it especially convenient for traders in Singapore. Both platforms are designed with simplicity in mind, appealing to retail investors who value ease of use.
Coinbase and Independent Reserve are tailored for investors prioritising security and regulatory compliance, making them particularly attractive to more cautious and institutional investors.
Coinbase is well-known for its adherence to regulatory standards, with added features like staking, making it a preferred option for those who prioritise a secure and established platform.
Independent Reserve offers competitive fees and advanced trading tools, catering to both retail and institutional investors, with its OTC desk appealing to those making high-volume trades.
DBS Vickers and Upbit serve as a bridge between traditional finance and the digital asset space, attracting investors who value stability and regulation. As a subsidiary of DBS Bank, DBS Vickers provides institutional-grade custody solutions, appealing to high-net-worth individuals and corporate clients.
Upbit, on the other hand, offers a mobile-friendly platform that connects users to the broader Asian crypto market, making it an ideal choice for traders looking for regional exposure within a regulated framework.
OKX is a platform built for more experienced traders, offering a wide range of trading options, including margin and derivatives. Its high liquidity and low fees make it an attractive choice for frequent traders and those managing larger portfolios.
Ultimately, each exchange has its own set of strengths that cater to different investor needs, from beginners seeking simplicity to institutional clients after security and advanced trading tools.
Key Developments in Singapore’s Crypto Licensing
Singapore has established a comprehensive regulatory framework to oversee cryptocurrency exchanges, primarily through the Payment Services Act (PSA) 2019. This legislation, administered by the Monetary Authority of Singapore (MAS), classifies various payment services and sets forth licensing requirements for entities operating within the digital payment token (DPT) space.
The MAS has continuously refined its regulatory approach, introducing new guidelines and requirements for DPT service providers.
For example, in response to the growing importance of stablecoins, MAS announced a new regulatory framework in 2024 aimed at ensuring a high degree of value stability for stablecoins regulated in Singapore. MAS also announced plans to advance tokenization in financial services, including deepening liquidity of tokenised asset.
How Licensed Cryptocurrency Providers in Singapore Benefit Users
Engaging with licensed cryptocurrency exchanges in Singapore offers users several significant advantages. Firstly, licensed exchanges operate under strict regulatory oversight, ensuring that they implement advanced security measures to protect user funds and personal information.
Next, they operate within a well-defined legal framework, which provides users with clarity and confidence, knowing that the exchange adheres to established standards and practices.
Finally, licensed exchanges often enable easy deposits and withdrawals in Singapore Dollars, integrating seamlessly with local banking systems. Some also offer a broad range of services beyond trading, providing users with comprehensive crypto-related opportunities.
FAQs
What companies need a crypto license in Singapore?
Any entity providing digital payment token services, including cryptocurrency exchanges, custodial services, and facilitators of crypto transactions, must obtain a license from MAS.
Can foreign companies obtain a crypto license in Singapore?
Yes, but they must establish a local entity with substantial presence in Singapore, including local directors and employees.
What are the key compliance requirements for licensed crypto exchanges?
Licensed exchanges must implement robust AML/CFT measures, maintain high cybersecurity standards, conduct regular audits, and adhere to consumer protection guidelines set by MAS.
How do I buy cryptocurrency in Singapore?
In order to buy cryptocurrency in Singapore, you’ll need to choose a licensed cryptocurrency exchange, register, and make a deposit before purchasing.