Singapore Crypto License

We specialize in guiding businesses through the complexities of obtaining a crypto license in Singapore. Our expert team provides end-to-end support, ensuring a seamless and efficient licensing process tailored to your specific needs.

Key Features of Singapore’s Crypto Licensing Regime

License Types

1. Standard Payment Institution (SPI) License:

   • Suitable for businesses with lower transaction volumes.
   • Allows you to provide specific payment services up to certain thresholds.

2. Major Payment Institution (MPI) License:

   • Required for businesses exceeding transaction thresholds.
   • Provides greater operational capacity and is subject to more stringent regulatory requirements.

Regulatory Requirements

• Incorporation: Establish a Singapore-incorporated company with a physical office presence.
• Capital Requirements:
  • SPI: No minimum paid-up capital.
  • MPI: Minimum paid-up capital of SGD 250,000 (~USD 185,000).
• Management Criteria:
  • At least one executive director who is a Singapore citizen or Permanent Resident.
  • Directors and key personnel must satisfy MAS’s fit and proper criteria.
• Compliance and Risk Management:
  • Implementation of robust AML/CFT policies in line with MAS guidelines.
  • Establishment of effective cybersecurity measures and data protection protocols.
  • Development of risk management frameworks to identify and mitigate operational risks.
• Audit Requirements:
  • Regular submission of audited financial statements.
  • Compliance with MAS reporting obligations.

Our Process

1. Initial Consultation

   • Assess your business model and determine the appropriate license type.
   • Provide detailed guidance on regulatory obligations and timelines.

2. Preparation of Application

   • Assist in preparing all necessary documents, including:
     • Business Plans
     • Compliance Manuals
     • Risk Assessment Policies
     • Financial Projections
   • Ensure directors and key personnel meet MAS’s fit and proper criteria.

3. Submission to MAS

   • Compile and submit the complete application package to the MAS.
   • Handle all communications and queries from the regulator on your behalf.

4. Regulatory Liaison

   • Facilitate any additional information requests or interviews required by the MAS.
   • Provide ongoing support throughout the review process.

5. Post-Licensing Support

   • Assist with meeting ongoing compliance obligations, including reporting and audit requirements.
   • Offer advisory services for regulatory updates and best practices.

Estimated Timeframe and Costs

• Timeframe:

  • The licensing process typically takes 6 to 9 months, depending on the complexity of your application and MAS’s review process.

• Fees:

  • Application Fee:
    • SPI: SGD 1,000 (~USD 740).
    • MPI: SGD 1,500 (~USD 1,110).
  • Annual License Fee:
    • SPI: SGD 5,000 (~USD 3,700).
    • MPI: SGD 10,000 (~USD 7,400).

• Additional Costs:

  • Professional Services: Fees for legal, compliance, and consultancy services.
  • Operational Expenses: Costs for setting up a local office, hiring staff, and implementing IT systems.
  • Compliance Implementation: Expenses related to developing and maintaining AML/CFT programs and cybersecurity measures.

Benefits of Partnering with Us

• Expert Guidance: Our team has extensive experience with Singapore’s regulatory environment and MAS’s licensing procedures.
• Customized Solutions: We offer tailored strategies to meet your specific business needs and objectives.
• Efficient Process: Our streamlined approach minimizes delays and enhances the likelihood of a successful application.
• Ongoing Compliance Support: We provide post-licensing services to help you maintain compliance and adapt to regulatory changes.

Get Started Today

Embarking on the licensing journey in Singapore can be complex, but with the right partner, it becomes a manageable and rewarding process. Let us help you unlock new opportunities and elevate your crypto business to the next level.

Contact Us for a Free Consultation

• Email: office@the-comply.com
• Phone: +1(213)510-0498

Disclaimer: The information provided is for general guidance and informational purposes only. Regulations may change, and we recommend consulting with our experts or legal professionals for personalized advice.