Anyone who’s ever typed crypto license Singapore into Google expecting a clean checklist has probably been disappointed. On the surface, the process looks manageable—fill out forms, tick the right boxes, wait. But talk to anyone who’s actually gone through it, and a different picture emerges. You don’t just apply and prove. This is not a formality. It’s a filtering system.
The Monetary Authority of Singapore (MAS) wants real businesses, not just buzzwords and pitch decks. And they’re not afraid to say no if your model—or your team—feels shaky. If you’re planning to serve users from Singapore with anything remotely close to digital asset functionality, this is what you’re walking into.
How Process Starts With Your Business Model
Before you even open MAS’s portal, you need to have absolute clarity on what your business does. Singapore’s regulatory framework doesn’t work on broad strokes. You can’t just say, “We do DeFi with a little KYC.” Under the Payment Services Act Singapore, crypto services are split by very specific activities: custody, transfer, exchange, issuance, and so on.
If your business falls under digital token services, it means you’re dealing with regulated activity—and MAS will expect you to apply as either a Standard or Major Payment Institution. That choice affects everything from your capital requirements to your reporting cadence.
The most common mistake teams make? Assuming MAS will help them “figure it out” as they go. They won’t. That’s your job.
Applying for a Crypto License in Singapore Isn’t a Paperwork Exercise
Too many startups treat the application like a side task—something a legal consultant can handle while the team keeps shipping features. That might work in other countries. It won’t fly here.
MAS wants to see that your team—not your hired help—understands risk, user protection, and compliance. For starters, they’ll ask how you detect suspicious transactions. Then, they’ll want to know how you safeguard private keys. After that, be prepared to explain how you handle customer complaints—especially when things go wrong. They’re not looking for perfect answers. Instead, they’re trying to understand whether your team can handle real-world risk, not just quote policy documents.
This is where your internal crypto compliance Singapore readiness gets exposed. Do you have a compliance officer who actually works in the business? Do you have systems—or just slide decks? If it’s the latter, approval will be tough.
Crypto License Singapore: What Happens After You Press Submit
Credit From: livejournal
The MAS application portal is easy enough to use. But once you hit submit, the real process begins. Your documents go through multiple levels of review. You’ll likely get follow-up emails asking for clarification, then more, and maybe even a meeting.
This back-and-forth can stretch over months. In some cases, over a year. Teams that respond quickly and clearly tend to move faster. Those that get defensive, vague, or slow to reply stall out or go silent altogether.
This is why the Singapore crypto licensing process often feels more like a long-term dialogue than a one-time filing. The faster you accept that, the less frustrating it becomes.
VASP Registration Singapore: What Changes After You’re Licensed
You’ve been approved. You’re now officially a licensed Virtual Asset Service Provider in Singapore. You made it. Congratulations—but don’t get too comfortable.
Now comes the real grind: periodic compliance reporting, internal audits, tech updates, suspicious activity monitoring, training logs, and staying aligned with changing regulations. MAS won’t babysit you—but they will audit you. And if they find you’ve been sloppy, there’s no second warning. They will suspend or revoke your license.
Teams that survive the post-license phase are the ones that treat compliance as part of the product—not just a checkbox they ticked once.
A Crypto License in Singapore Is a Long Game
That said, not every startup is ready. If you’re pre-product or figuring things out, it might be smarter to wait. But if you’ve got users, traction, and you’re handling value, then this process isn’t just worthwhile—it’s necessary.
Just don’t mistake clear regulation for casual regulation. In Singapore, MAS plays the long game. If you’re planning to do the same, you’ll get along just fine.
