Benefits you will get
Crypto licenses available in Singapore offer numerous advantages to companies dealing with crypto assets. Let’s explore some of them.
Regulatory clarity
Government support
English-speaking jurisdiction
Favorable tax policies
Strategic location
Innovation ecosystem
Skilled workforce
Advanced infrastructure
Regulatory clarity
Government support
English-speaking jurisdiction
Favorable tax policies
Strategic location
Innovation ecosystem
Skilled workforce
Advanced infrastructure
Licensing process for digital assets businesses
Setting up a digital assets business in the country involves several key steps to ensure compliance with local regulations and secure exchange licenses in Singapore. Here’s a process overview:
1
Pre-application preparation
A crypto company must gather the necessary documentation, including a business plan, compliance policies, and details of key personnel as well as conduct a risk assessment to ensure all regulatory requirements will be met. Prepare the safety deposit (100,000 SGD for a Standard Payment Institution, 200,000 SGD for a Major Payment Institution)
2
Submission of application
Crypto companies must apply to Singapore MAS along with the required documents, fees. The application must include detailed information about business operations, risk management policies, cybersecurity measures.
3
Initial review
MAS reviews the application for completeness and may request additional information or clarification.
4
Assessment and due diligence
MAS conducts a thorough assessment, including due diligence checks on the applicant and key personnel. The applicant’s compliance with AML and CTF regulations is also evaluated.
5
Decision
MAS considers whether the application complies with regulatory standards before deciding whether to give the license. Remember that creating a legal entity and receiving a favorable judgment from MAS entails having a registered office in the country and at least one resident director.
6
Issuance of cryptocurrency license
Singapore MAS issues relevant license, if approved, allows the natural/legal entity to operate as a digital payment token service provider. Such a license is crucial for businesses involved in the exchanges of cryptocurrencies.
