Cryptocurrency companies and regulations in Singapore
In 2022, the blockchain and cryptocurrency sectors accounted for the largest share of fintech companies in Singapore. As part of its strategy to develop the sector, the government has focused on regulating and attracting players in the crypto environment. Indeed, the Monetary Authority of Singapore (MAS) has taken a proactive approach to develop cryptocurrency-related activities, implementing regulations to maintain control over the industry. As of December 2022, MAS had authorized 11 cryptocurrency service providers, nine of which hold a major payment institution license and two of which hold a standard payment institution license. These include local companies such as Crypto.com, Coinhako, and Genesis.However, the government has expressed reluctance towards retail investors and has prohibited cryptocurrency companies from advertising directly to individuals. Although Singapore has ambitions to become a global cryptocurrency hub, it has been cautious about these digital assets due to their volatile and speculative nature.
