Complete list of cryptocurrency companies authorized to operate in Singapore (as of June 7, 2023)

Author: Yusoff Kim

Compiled by: Cointime Lu Tian

Although Singapore was once seen as the next cryptocurrency hub, especially in the Asia-Pacific region, this small nation has adopted a more conservative strategy in recent years. However, this does not mean that Singapore has closed the door on Web3.

In fact, while Singapore has implemented strict regulations on cryptocurrency-related activities, it is still actively and prudently advancing the use of blockchain technology, particularly in the retail user sector.

One challenge that most cryptocurrency companies in Singapore need to overcome is obtaining a major payment institution license issued by the Monetary Authority of Singapore (MAS).

As a comprehensive regulation of emerging fintech trends, Singapore launched the Payment Services (PS) Act in 2019, providing a forward-looking and flexible framework for industry participants.

To obtain a license, virtual asset service providers must implement controls to ensure appropriate due diligence, proper solicitation, and adequate risk disclosure.

Since the act came into effect in 2020, 461 companies have obtained licenses or have been granted in-principle approval for such licenses. As of the writing of this article (June 7, 2023), 19 of these provide cryptocurrency-related services.

Cryptocurrency Companies Holding Major Payment Institution Licenses in Singapore

• 1. FOMO Pay

The first company to obtain a license from the Monetary Authority of Singapore (MAS) is Fomo Pay, a local fintech company focused on mobile payment solutions. They provide a range of services and products to businesses, enabling them to accept various mobile payment methods and meet the changing consumer preferences in the digital payment space. Their goal is to streamline the payment processes for Web2 and Web3 businesses through their platform, supporting over 10,000 merchants and financial institutions across Asia and Africa.

The platform obtained its major payment institution license on September 1, 2021, covering domestic remittances, cross-border remittances, merchant acquiring, and digital payment token services.

• 2. DBS Vickers Securities

DBS Vickers Securities is a popular securities and brokerage firm in Singapore and a subsidiary of DBS Bank, one of the largest financial institutions in Southeast Asia. They offer a range of investment and trading services to individual and institutional clients across multiple markets, including Singapore, Hong Kong, China, Indonesia, Thailand, and the United States.

The platform obtained its major payment institution license for digital payment token services on October 1, 2021.

• 3. DTC Pay

Digital Treasures Center is a digital payment company that builds traditional infrastructure using blockchain technology. They provide digital payment solutions for businesses worldwide, offering multi-currency exchanges, online payments, in-store payments, and crypto payments on a single platform, enabling individuals and businesses to transfer value seamlessly and efficiently.

The platform obtained its major payment institution license on August 2, 2022, covering account issuance, domestic remittances, cross-border remittances, merchant acquiring, electronic money issuance, and digital payment token services.

• 4. Independent Reserve

Independent Reserve is Singapore's first licensed cryptocurrency exchange and is partnered with DBS Vickers. They claim to be a regulated exchange that emphasizes trust and security, primarily serving regions such as Australia, New Zealand, and Singapore. Citizens from over 30 countries can join.

The platform obtained its major payment institution license on October 1, 2022, covering account issuance, domestic remittances, cross-border remittances, and digital payment token services.

• 5. CoinHako

Coinhako is a cryptocurrency exchange and digital wallet provider based in Singapore, allowing users to buy, sell, and store various cryptocurrencies. The platform aims to provide individuals with a user-friendly and secure platform for trading and managing cryptocurrencies.

Coinhako obtained its major payment institution license on May 6, 2022, covering digital payment token services.

• 6. Revolut

Revolut is a fintech company headquartered in London, UK, offering a range of digital banking services and products, the most well-known being a prepaid Visa card for overseas payments. Founded in 2015, the company focuses on providing innovative and user-friendly solutions for managing funds and payments.

The platform obtained its major payment institution license on August 2, 2022, covering account issuance, domestic remittances, cross-border remittances, merchant acquiring, electronic money issuance, and digital payment token services.

• 7. Sparrow

Sparrow claims to be a custom digital asset solutions company dedicated to adhering to the highest regulatory and cybersecurity standards. The platform was acquired by the Temasek-backed Amber Group at the end of 2022.

The platform obtained its major payment institution license for digital payment token services on August 1, 2022.

• 8. Paxos Global

Paxos is a fintech company specializing in blockchain-based solutions for the financial industry. Currently, they offer cryptocurrency brokerage, asset tokenization, and settlement services.

The company is known for its USDP stablecoin, which aims to connect traditional financial systems with blockchain technology to enhance the efficiency, transparency, and trust of financial transactions.

The platform obtained its major payment institution license on November 2, 2022, covering cross-border remittances and digital payment token services.

• 9. MetaComp

MetaComp is a cryptocurrency exchange based in Singapore, offering a full suite of digital asset products, including over-the-counter trading, exchange trading, fiat payment gateways, digital asset custody, bulk brokerage, and asset management.

MetaComp was established in 2018 under its parent company MetaVerse Green Exchange, built on the cloud and powered by the Nasdaq trading engine.

The platform obtained its major payment institution license on December 1, 2022, covering cross-border remittances and digital payment token services.

• 10. Crypto.com

Crypto.com is a leading cryptocurrency exchange with over 80 million users worldwide, supporting more than 250 cryptocurrencies and 20 fiat currencies.

The exchange also offers other services, including the crypto.com Visa card for instant crypto payments, and has acquired the naming rights to the Crypto.com Arena (formerly known as Staples Center).

The platform obtained its major payment institution license on August 2, 2022, allowing for account issuance, domestic remittances, cross-border remittances, electronic money issuance, and digital payment token services.

• 11. Circle

Circle is a global payments company known for its stablecoin USDC. Their Singapore entity received full licensing from MAS shortly after opening its office in May this year.

The company also offers enterprise solutions such as digital asset management and on/off-ramp services.

The platform obtained its major payment institution license on August 2, 2022, covering account issuance, domestic remittances, cross-border remittances, and digital payment token services.

Companies Holding Standard Payment Institution Licenses in Singapore

While many major cryptocurrency companies have applied for major payment institution licenses (MPI), there are also standard payment institution licenses (SPI), which allow companies to conduct services similar to those under the previous licenses.

However, the SPI license has the highest thresholds for its services, as outlined in the PS Act, including:

• Any payment service with a monthly transaction amount reaching SGD 3 million (excluding electronic money, account issuance, and currency exchange services)
• Two or more payment services with a monthly transaction amount reaching SGD 6 million (excluding electronic money, account issuance, and currency exchange services)
• Daily outstanding electronic money reaching SGD 5 million

Nevertheless, currently, only two companies providing cryptocurrency-related services in Singapore hold standard payment institution licenses.

• 1. BHOP Consulting (BHEX)

BHEX is a financial digital asset trading platform under BHOP Consulting, offering cryptocurrency exchange, custody, and electronic payment services.

The platform obtained its standard payment institution license on August 19, 2022, allowing for digital payment token services.

• 2. Triple A

Triple A is a secure and easy-to-use cryptocurrency payment gateway that enables businesses to accept crypto payments.

Founded in 2017, the company allows businesses across various industries to leverage blockchain technology for payments without dealing with or converting the volatility risks of digital currencies.

The platform obtained its standard payment institution license on November 30, 2021, allowing for domestic remittances, cross-border remittances, merchant acquiring, and digital payment token services.

Companies That Have Received In-Principle Approval in Singapore

Before fully obtaining approval, companies may receive in-principle approval for their licenses, which is a temporary phase during the application process.

During the in-principle approval phase, applicants typically need to meet specific conditions set by MAS, including meeting capital requirements, demonstrating strong anti-money laundering and counter-terrorism financing (AML/CFT) controls, having appropriate corporate governance structures, and effective risk management frameworks.

Applicants also need to provide detailed business plans and operational processes to ensure compliance with regulatory guidelines.

During this period, companies typically receive conditional approval to continue activities related to the license.

• Ripple

Ripple is a blockchain-based digital payment network and protocol known for its native cryptocurrency XRP.

Founded in 2012, the company saw remarkable growth in its on-demand liquidity services last year, with transaction volumes particularly surging in the Asia-Pacific region.

The platform received in-principle approval for its major payment institution license on June 22, 2023.

• Sygnum Singapore

Sygnum Singapore is a digital asset bank and expert headquartered in Singapore and Switzerland.

The platform offers services such as brokerage, custody, lending, tokenization, and asset management.

Currently, its portfolio includes regulated banking services covering various cryptocurrencies, including Bitcoin, Ethereum, and XRP.

The platform received in-principle approval for its major payment institution license on March 8, 2022.

• Blockchain.com

Blockchain.com is a cryptocurrency company based in London that offers a full suite of cryptocurrency services, including cryptocurrency wallets, trading services, blockchain explorers, and analytics platforms, as well as various institutional services.

The platform received in-principle approval for its major payment institution license on October 12, 2022.

• Coinbase

Coinbase is one of the largest and most well-known cryptocurrency exchanges and digital asset platforms globally, founded in 2012 and headquartered in San Francisco, California, USA.

Coinbase offers a range of services for buying, selling, storing, and using various cryptocurrencies.

The platform received in-principle approval for its major payment institution license on October 11, 2022.

Companies That Have Withdrawn Their License Applications in Singapore

• Luno

Luno is a cryptocurrency trading and digital asset platform that allows users to buy, sell, store, and trade cryptocurrencies. The platform primarily focuses on serving emerging markets, such as Africa and Southeast Asia.

Although the company had applied for a license in Singapore, it decided to cease services to Singapore customers and withdrew its license application after notifying the Monetary Authority of Singapore in 2023.

• Hodlnaut

Hodlnaut is a cryptocurrency platform based in Singapore that offers various services related to earning cryptocurrency interest through lending.

After being affected by $UST and TerraForm Labs, Hodlnaut notified users that it would enter judicial management, despite claiming no significant risks. The platform is no longer operational, has suspended all services, and notified the Monetary Authority of Singapore of its plan to withdraw its license application by the end of last year.

• Genesis (Unconfirmed)

Genesis is a company under Digital Currency Group that focuses on providing digital asset financial services to institutional investors and is also the parent company of Luno.

Although Genesis APAC received in-principle approval in June 2022, it has filed for bankruptcy due to the collapse of cryptocurrency companies 3AC and FTX. While the in-principle approval has not been formally withdrawn, the likelihood of Genesis APAC continuing operations in the region is low.