Crypto in Singapore: The Complete Guide

AI summary

Singapore has established itself as a leading, trusted hub for cryptocurrency by implementing transparent, regulated, and predictable frameworks through the Monetary Authority of Singapore (MAS). Crypto is legal, exchanges must be licensed and adhere to strict consumer protection and anti-money laundering rules, and individuals generally pay no capital gains tax on crypto investments. The country’s cautious yet supportive approach, combined with clear tax treatment and strong emphasis on security, makes it an attractive destination for reputable exchanges, investors, and blockchain innovation.

Singapore has quietly become one of the most trusted destinations in the world for using cryptocurrency. Not because it is flashy or overly permissive, but because it is transparent, regulated, and predictable. What sets Singapore apart is its approach. The country does not treat crypto as a loophole or a gamble. Instead, the Monetary Authority of Singapore (MAS) regulates digital assets under a clear legal framework, attracting reputable exchanges and institutional investors. People widely use Bitcoin and Ethereum; stablecoins are growing rapidly, and blockchain projects are increasingly operating from Singapore. At the same time, regulators take consumer protection, anti-money laundering rules, and risk disclosures seriously.

Key Takeaways

• Crypto is legal and regulated in Singapore
• MAS licenses exchanges under the Payment Services Act
• Individuals generally pay no capital gains tax on crypto
• Exchanges face strict AML and consumer protection rules
• People widely use Bitcoin, Ethereum, Solana, and stablecoins.

Is Crypto Legal in Singapore?

Yes, cryptocurrency is legal in Singapore. Singapore does not recognize crypto as legal tender, but it does recognize it as a regulated digital asset. The key regulator is the Monetary Authority of Singapore (MAS), which oversees crypto-related services under the Payment Services Act (PSA). Under this framework, companies that provide cryptocurrency services, officially classified as Digital Payment Tokens (DPTs), must obtain a license or exemption from MAS. The requirement applies to exchanges, brokers, and custody providers. MAS takes a cautious but supportive approach. Innovation is allowed, but firms must meet strict standards for:

• Anti-money laundering and counter-terrorism financing
• Risk management and cybersecurity
• Consumer disclosures and operational resilience

Regulators do not actively promote retail speculation; however, ownership, trading, and use of cryptocurrency are entirely legal.

How to Buy Cryptocurrency in Singapore Using Tangem

Buying crypto in Singapore is straightforward if you follow the proper steps and use regulated platforms. Tangem fits into this process as a secure way to store and manage your crypto after purchase.

Step 1: Choose a Crypto Exchange

Start by selecting a reputable exchange that operates in Singapore. MAS-licensed local exchanges include Coinhako, Independent Reserve, and Gemini Singapore. These platforms place a strong emphasis on compliance and customer protection.

International exchanges such as Coinbase and Kraken also serve Singapore users. Binance Singapore operates with limited functionality compared to its global platform. When selecting an exchange, consider the fees, supported cryptocurrencies, ease of use, and regulatory compliance. Avoid platforms that feel suspicious or unlicensed.

Step 2: Complete KYC and Verification

All regulated exchanges require identity verification. You will usually need to provide a passport or NRIC, proof of address, and a selfie or live verification video. This process follows MAS anti-money laundering and counter-terrorism financing rules. While it may feel inconvenient, KYC protects users and reduces fraud across the ecosystem.

Step 3: Deposit Funds in SGD

Most Singapore exchanges support direct SGD deposits. Standard options include FAST bank transfers, PayNow, debit cards, credit cards, and third-party payment providers. Bank transfers typically offer the lowest fees and fastest settlement. Once your SGD balance is available, you are ready to buy cryptocurrency.

Step 4: Buy Bitcoin or Altcoins

You can now purchase Bitcoin, Ethereum, or other cryptocurrencies directly with SGD. Popular choices in Singapore include BTC, ETH, SOL, XRP, and stablecoins like USDT and USDC. Many users purchase stablecoins to transfer funds across platforms or mitigate short-term volatility. After purchasing, it is best practice to transfer your crypto from the exchange to your personal hardware Tangem wallet.

Best Crypto Exchanges in Singapore (2026)

Choosing the right exchange matters. Below is a simple comparison of popular platforms available to Singapore users, focusing on regulation, fees, supported assets, and suitability.

What this means in practice

• MAS-licensed exchanges, such as Coinhako, Independent Reserve, and Gemini Singapore, adhere to local regulations for consumer protection, anti-money laundering, and transactions denominated in Singapore dollars.
• Coinbase and Kraken do not hold MAS licenses specifically in Singapore, but still serve local users under their global operations. They offer broader asset lists and more advanced tools, but fees can be higher, and SGD support may be less seamless.

Notes on fees

• Fees vary based on trading volume and order type. Independent Reserve tends to offer some of the lowest effective costs for active traders.
• Beginners may find Coinhako’s pricing easier to understand, even if it’s not always the cheapest.

Stablecoins and liquidity: All of these platforms support stablecoins (USDT, USDC). Liquidity and available trading pairs differ: international exchanges usually offer more.

SGD funding options: Coinhako, Independent Reserve, and Gemini allow direct SGD deposits via FAST/PayNow, while Coinbase and Kraken often require intermediary deposits in other currencies.

How to Store Your Crypto Safely in Singapore

How you store your crypto matters as much as how you buy it.

Risks of Keeping Crypto on Exchanges

When you leave crypto on an exchange, you do not fully control it. Exchanges can face hacks, technical failures, insolvency, or regulatory restrictions on withdrawals. Even well-known platforms carry custodial risk. Singapore regulations reduce these risks, but they do not eliminate them.

Types of Wallets

• Software wallets, such as MetaMask and Trust Wallet, offer convenience and flexibility. They work well for DeFi and NFTs, but they rely on the security of your phone or browser.
• Hardware wallets store private keys offline, significantly reducing the risk of hacking. Options include Tangem, Ledger, and Trezor.

Tangem stands out for its simplicity. It features a card-based design with secure chips and no exposure of the seed phrase during daily use. For many Singapore users, Tangem hardware wallet offers the best balance between security and ease of use.

Is Crypto Taxed in Singapore?

Singapore’s tax treatment of crypto is one of the most favorable in the world.

Tax Rules and Treatment

Individuals do not pay capital gains tax on cryptocurrency investments. If you buy Bitcoin and later sell it at a profit, that gain is generally not taxed. However, if you trade crypto as a business or generate income through trading, staking, mining, or providing crypto-related services, that income may be taxable. Singapore does not apply GST to digital payment tokens, which include most cryptocurrencies.

How to Calculate and Report Crypto Tax

The key distinction lies between an investor and a trader. If you trade frequently, use leverage, or operate in a business-like manner, the tax authority may treat your profits as income. Good record-keeping becomes essential. If your activities fall into a gray area, you should seek professional tax advice steadily. Clear documentation protects you if questions arise later.

Is Crypto Mining Legal in Singapore?

Crypto mining is legal in Singapore, but it is not very common.

Mining Regulations

There is no law banning mining. However, high electricity costs, limited space, and environmental concerns make large-scale mining impractical. Singapore places a strong emphasis on sustainability, and energy-intensive operations are subject to scrutiny.

How to Mine Crypto in Singapore

Some individuals experiment with small-scale GPU mining at home, though profits remain slim. Cloud mining offers an alternative, but it comes with counterparty risk and many scams. When exploring mining pools, always use reputable providers and secure reward wallets. For most users, buying cryptocurrency directly is more sensible than mining it locally.

Future of Crypto in Singapore

Singapore continues to refine its crypto regulations rather than rushing them. MAS actively works with banks, fintech firms, and global regulators. The country plays a significant role in institutional crypto adoption, particularly in the tokenization of real-world assets, such as bonds and funds.

Projects such as Project Orchid explore central bank digital currency infrastructure, while private-sector innovation continues in payments, custody, and compliance tools. Singapore’s future is likely to involve fewer speculative promises and more real-world financial integration. That steady approach builds long-term confidence.

FAQ About Crypto in Singapore

Is Bitcoin legal in Singapore?

Yes. Bitcoin is legal, and you can buy, sell, and hold it through regulated platforms.

Do you pay tax on crypto in Singapore?

Individuals generally do not pay capital gains tax. Business-related crypto income may be taxable.

Can you mine cryptocurrency in Singapore?

Yes, but high costs make it uncommon and often unprofitable.

What is the best crypto exchange in Singapore?

There is no single best option. Coinhako, Independent Reserve, Gemini, Coinbase, and Kraken all serve different needs.

Final Thoughts

Crypto in Singapore benefits from something rare in this industry: clarity. The rules are clear, the regulators are present, and users know where they stand. That does not mean crypto is risk-free, but it does mean you can participate with confidence if you follow best practices. Use regulated exchanges, store your assets securely, understand the tax rules, and avoid shortcuts. In Singapore, patience and compliance tend to reward crypto users far more than speculation ever will.