Most crypto companies don’t meet Singapore’s license standards

Singapore will roll out measures that will make its cryptocurrency regulations among the strictest worldwide for retail access, MAS communications director Dawn Chew said

article-image

TK Kurikawa/Shutterstock, modified by Blockworks

share

Most crypto organizations seeking a license in Singapore have not succeeded, according to an executive at the city-state’s central bank.

The Monetary Authority of Singapore (MAS), the body overseeing crypto business licensing, only approves applicants with strong anti-money laundering measures in place, Dawn Chew, director of corporate communications, wrote in the Financial Times on Friday.

Chew was responding to Singapore local Thomas See against his claim that the MAS has recklessly allowed crypto companies to use the city’s Fast (Fast and Secure Transfers) interbank payment system, pointing to the industry’s ties to scams and money laundering.

He said the move was unwise as it enables “linking retail bank deposits direct to crypto payments.”

But Chew contested See’s description, arguing that transactions between a customer and a crypto firm via Fast don’t actually connect the customer’s bank deposits to that company.

Only a limited number of companies have successfully acquired a Major Payment Institution (MPI) license for digital payment token services. As per the MAS website, the list of MPI license-holders as of Sept. 1 includes:

  • Blockchain.com
  • Circle Internet Singapore
  • DBS Vickers 
  • Digital Treasuries Center
  • FOMO Pay
  • Foris DAX Asia (Crypto.com)
  • Hako Technology (Coinhako)
  • Independent Reserve
  • MetaComp
  • Paxos Global
  • Revolut
  • Sparrow Tech

Chew further mentioned that the MAS has sought feedback on various regulatory actions aimed at reducing the risks that crypto poses to individual consumers. These initiatives will be gradually implemented starting from the end of the year.

“Singapore will have one of the strictest regulatory regimes in the world governing retail access to cryptocurrencies,” Chew added.

Singapore is strategically becoming a worldwide hub for digital currencies, targeting the attraction of international businesses, as much of the crypto industry finds the US regulatory framework wanting.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Nillion_DeSci_Report_Template.png

Research

Nillion’s Monad Integration is poised to catalyze the next phase of DeSci’s evolution by eliminating key privacy bottlenecks. This synergy allows researchers, institutions, and DAOs to exchange sensitive data and insights securely while managing governance and payments onchain.

article-image

Celebrating the wisdom of a diamond-handed Bitcoin Legend

article-image

With the success of RWAs and stablecoins, DePINs could onboard the next wave of crypto users

article-image

Is crypto straying too far from things of value?

article-image

Firedancer and Solana ETFs look less significant than before

article-image

The newly passed House bill amplifies that strategic pivot for the Trump administration, from attempting austerity to running the economy hot

article-image

Unable to secure further funding, the game cycled through three different blockchains and at least five different game engines since 2018