Singapore Grants 38 Licenses for Crypto Services Amid Regulatory Tightening
The Monetary Authority of Singapore (MAS) has granted 38 Major Payment Institution licences for digital payment token services as of September 2026. This represents a significant development in the country's regulatory framework, which balances innovation with strict consumer protection standards.
The licensed platforms include Coinbase, Crypto.com, OKX, Independent Reserve, Bitstamp, and PayPal, although many serve only institutional or accredited investors. The Payment Services Act 2019 requires all digital payment token service providers to obtain either a Standard or Major Payment Institution licence based on their monthly transaction volumes.
Licensed providers must store 90% of customer assets in offline cold wallets, segregate client funds, and perform daily reconciliations under MAS rules. The requirement for strict custody rules reduces exposure to exchange hacks but limits the speed of withdrawals for large positions.