MAS Digital Payment Token (DPT) licensing — Costs and fees breakdown
MAS Digital Payment Token licensing requires firms dealing in or facilitating cryptocurrency and other digital payment tokens to be licensed under Singapore’s payments and financial-services regime. This guide explains the licence types, the heightened requirements, and the realistic costs in Singapore dollars as at June 2026.
Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.
What MAS Digital Payment Token licensing covers
A digital payment token (DPT) service includes dealing in DPTs, facilitating their exchange, transmitting or arranging transfers, and providing custody. Such services are a regulated activity under the Payment Services Act 2019, requiring a Standard or Major Payment Institution licence. In addition, the Financial Services and Markets Act 2022 expanded the regulatory perimeter for digital token service providers operating from Singapore, including some serving only overseas customers. The combined effect is a comprehensive licensing net around crypto businesses.
Who needs a DPT licence
Crypto exchanges, brokers, wallet and custody providers, and OTC desks fall within scope. Firms that also handle fiat payments may need to map several of the seven payment activities at once. Where a business additionally manages pooled investments in digital assets, it should consider whether a Capital Markets Services licence also applies. The licensing backbone overlaps with general Payment Services Act licensing for MPI and SPI.
MAS Digital Payment Token licensing requirements
DPT applicants face the highest level of scrutiny among payment activities, given money-laundering, terrorism-financing and consumer-protection risks. Requirements include robust AML/CFT controls, technology-risk management, a resident executive director, an approved compliance officer, customer-asset safeguarding, and adherence to MAS’s restrictions on marketing DPT services to the retail public. Base capital is S$100,000 for an SPI and S$250,000 for an MPI, with MPIs providing a security and safeguarding customer money.
Costs and timeline
Indicative figures as at June 2026: MAS application fees range from roughly S$1,000 to S$10,000 depending on activities. Given the depth of AML/CFT, technology-risk and audit documentation, licensing and compliance setup support for a DPT applicant commonly runs S$40,000 to S$100,000. Base capital is S$100,000 (SPI) or S$250,000 (MPI). Annual compliance and audit add S$25,000 to S$60,000. MAS review for DPT applicants is among the longest, frequently 9 to 18 months from a complete submission.
Step-by-step application process
Map the DPT activities and confirm SPI or MPI status. Incorporate the entity and fund base capital. Build the AML/CFT framework, technology-risk policy and customer-asset safeguarding arrangement. Appoint the resident executive director and compliance officer. Submit the application through the MAS portal with a business plan and risk assessment. Engage with MAS through an extended review and any pre-licensing audit. On approval, implement transaction monitoring and reporting. Foreign founders should first complete Singapore Pte Ltd registration for foreigners, and confirm legal-personality points for any fund vehicle via the VCC Act 2018 Section 17 legal personality guide.
Common mistakes and gotchas
The most common errors are under-resourcing AML/CFT, weak technology-risk documentation, and breaching the retail-marketing restrictions on DPT services. Firms also misjudge the timeline, which is materially longer than for other payment activities. Custody of customer assets is an area MAS scrutinises closely, so safeguarding must be concrete, not aspirational.
Related guides
See MAS Payment Services Act licensing for MPI and SPI, the CMS licence guide, and Singapore Pte Ltd registration for foreigners.
Authoritative references: the Monetary Authority of Singapore publishes DPT licensing and conduct requirements, and the Inland Revenue Authority of Singapore sets out the GST and income-tax treatment of digital tokens.
FAQs
Which licence does a crypto firm need?
A DPT service requires a Standard or Major Payment Institution licence under the Payment Services Act 2019, with additional reach under the Financial Services and Markets Act 2022.
How long does DPT licensing take?
Among the longest in the regime, frequently 9 to 18 months from a complete submission, given the depth of AML/CFT and technology-risk review.
Can I market DPT services to the public?
MAS restricts the marketing of DPT services to the retail public; firms must observe these limits in all promotion.
What capital is required?
S$100,000 for an SPI and S$250,000 for an MPI, with MPIs also providing a security and safeguarding customer money.
Need help with this? Call, SMS or WhatsApp +65 8501 7133, or email [email protected]. Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.