Crypto License Singapore: Real Questions, Straight Answers

If you’re operating anything related to crypto—wallets, exchanges, token swaps, even DeFi platforms—and your users are in Singapore, then yes, you probably need a license. The crypto license Singapore isn’t something you “might” need later. It’s a legal requirement under the Payment Services Act, and MAS is serious about it.

A lot of early-stage founders think they can wait until they grow bigger. But the moment you’re holding or facilitating value—tokens, stablecoins, or anything digital that looks like money—you’re in regulated territory.

What Is MAS Actually Looking For?

Credit From: swissinfo

MAS isn’t just collecting forms. They’re looking for teams that know what they’re doing. That means being able to explain—clearly—how your product works, what risks come with it, and how you’re planning to manage those risks.

They’ll want to know who’s running compliance. How you flag suspicious transactions. How you respond to complaints. Not hypotheticals. Real answers. If your team just plugged in a policy template and hopes for the best, you’re not ready.

I’m a Startup. Can I Still Apply for a Crypto License in Singapore?

Absolutely. In fact, many startups do. But here’s the thing—crypto compliance in Singapore is no joke, even if you’re small. MAS doesn’t expect a full legal department, but they do expect you to understand what you’re building and what risks it creates.

You’ll need a basic compliance framework, even at MVP stage. Someone (on your team, not an outsourced name on a form) needs to own that process. If you’re still figuring out your business model, it might be too early. But if you already have users—or plan to onboard them soon—it’s better to start the license conversation now.

What’s the Process Like? Is It Long?

Let’s be real—it’s not fast. The Singapore crypto licensing process takes time. Submitting the application is just the beginning. MAS will follow up with questions. Then more questions. You’ll revise documents, update policies, and explain why you chose a particular tech stack or custody method.

For some teams, it takes 6 months. For others, more than a year. The clearer you are—and the less “fluff” you give them—the faster it goes.

What Happens After I Get Licensed?

You’re not off the hook. If anything, that’s when the real work starts. You’ll be a registered VASP in Singapore, which means you now report to MAS regularly. You’ll need to file compliance updates, audit logs, and sometimes real-time alerts if something goes wrong.

MAS doesn’t expect perfection—but they do expect transparency. If you make a mistake, tell them. If you’re scaling fast, keep them in the loop. They’re more open to honest founders than those who go silent and hope no one notices.

Can I Just Operate While I Wait?

Not officially. If you’re providing digital token services and haven’t gotten licensed or exempted yet, you’re taking a legal risk. Some teams try to stay “quiet” while building, but it’s a gamble. If MAS gets wind of it—or worse, if something goes wrong with your platform—you’ll have more than just paperwork to deal with.

If you’re serious about staying in Singapore long term, wait. Or at least make sure you’re applying in good faith with solid legal support.

Is the Crypto license Singapore Worth It?

If you’re building for the long haul, yes. A crypto license in Singapore gives you credibility. Banks take you more seriously. Partners trust you more. And users feel safer.

But it’s not just a trophy. It’s a commitment. You’ll have to keep improving your internal ops, keep your team up to speed, and treat compliance as part of the product—not just a line item.

If that sounds like too much, maybe it’s not time yet. But if you’re in it for real—you’ll be glad you started early.