How Crypto Founders Get a Singapore MAS DPT Licence

Singapore is one of the few places where a crypto exchange or token custodian can get a real banking relationship and a clear licence. The MAS Digital Payment Token licence is the entry point.

We help crypto founders form a Singapore Pte. Ltd. and apply for the right MAS licence. The process is rigorous, but the result is one of the most credible crypto authorisations in Asia.

What is a DPT licence?

A Digital Payment Token service licence is required under Singapore’s Payment Services Act 2019 for any business that provides services in exchange for digital payment tokens. This includes buying or selling crypto, operating an exchange, or facilitating token swaps.

MAS regulates DPT service providers for AML, technology risk, and consumer protection. The licence is not a formality. It signals that your company has passed a serious regulatory review.

Singapore company requirements

A DPT-licensed company needs a Singapore-resident director, a local company secretary, a registered address, and adequate paid-up capital. The minimum base capital depends on the licence type, typically S$250,000 for a Major Payment Institution.

The company must have a permanent place of business in Singapore. A virtual office is not enough for MAS. We set up a real presence with local directors and compliance staff.

AML/KYC framework

MAS expects a full compliance framework before it reviews the licence. You need an AML/KYC policy, a technology risk management framework, a cybersecurity policy, and a business continuity plan. The compliance officer must be fit and proper.

Crypto businesses face extra scrutiny. Source-of-funds checks, transaction monitoring, and travel rule compliance are standard requirements. We build these policies with crypto-specialist counsel before the application is filed.

Travel Rule and stablecoin considerations

MAS applies the Travel Rule to DPT service providers. This means you must collect and share originator and beneficiary information for crypto transfers above a threshold. Your systems must support this before you go live.

Stablecoins are also under scrutiny. If your project issues or facilitates a stablecoin, MAS may treat it as a digital payment token or payment service depending on the structure. We review the token design before applying so the licence class matches the product.

What MAS looks for in the management team

MAS pays close attention to the people behind the application. At least one senior manager must be resident in Singapore and actively involved in the business. The compliance officer, technology risk officer, and CEO must be fit and proper, with relevant experience.

A common rejection reason is a management team that looks outsourced or disconnected from the business. We advise on the right structure and help present the team’s credentials clearly in the application.

Banking for DPT licensees

Singapore banks open accounts for licensed or licence-pending DPT companies. The key is a complete file: MAS application proof, business plan, shareholder structure, source of funds, and a clear revenue model. DBS, OCBC, and UOB are the main choices. Some clients also use Singapore branches of international banks.

A common mistake is approaching banks before the MAS file is solid. We prepare the compliance story first, then make introductions.

Some projects also use payment institutions or neobanks as interim rails while the DPT licence is pending. We plan the banking stack so operations can start without waiting for every gate to open.

Timeline and cost

Company formation: 1–3 days. Licence application preparation: 2–4 months. MAS review: 6–9 months for straightforward cases, longer for complex models. Total first-year cost: S$50,000–$120,000 including legal, compliance, local directors, and capital. This is a premium licence. It buys credibility.

FAQ

Who needs a DPT licence? Any business that buys, sells, or facilitates exchange of digital payment tokens in Singapore.

What is the difference between DPT and payment services? DPT covers crypto. Payment services cover fiat money transfer, e-money, and merchant acquisition.

Do I need a local director? Yes. MAS requires at least one ordinarily resident director.

Can a DPT company get a bank account? Yes, with a strong compliance file and clear business model.

How long does the DPT application take? Typically 6–9 months after a complete application is submitted.

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