Singapore is one of the most discussed crypto hubs in Asia, and its reputation rests on a combination that confuses outside observers. The state is broadly friendly to the crypto industry as a sector, while methodically cutting off retail investors from marketing noise and easy access. For a TON holder considering relocation, or planning to off-ramp through a Singapore-licensed provider, that duality is the single most important fact to internalise from the start.
This article walks through how the Monetary Authority of Singapore (MAS) sees crypto in 2026, what the Payment Services Act and DPT licensing actually require, how the retail-marketing restrictions work, and what it all means in practice for a TON user.
!This article is not legal or tax advice. MAS regulation is actively evolving: the Payment Services Act was amended in 2021 and 2024, and subordinate guidelines continue to be refined. Before relocating, opening an account, or executing large transactions, consult a licensed Singapore lawyer and a qualified tax adviser.
MAS and its regulatory posture
The Monetary Authority of Singapore is the country’s central bank and its integrated financial regulator. Unlike the US model, where responsibility is fragmented between the SEC, CFTC, FinCEN, OCC and the Federal Reserve, MAS holds nearly all financial oversight under one roof: monetary policy, banking supervision, insurance, capital markets, payment systems and, since 2020, crypto services.
This centralisation gives MAS two practical advantages. First, internal consistency: the same team writes banking directives, anti-money-laundering rules and crypto licensing, so the pieces lock together without interagency turf wars. Second, response speed: after the FTX collapse and the failure of Singapore-headquartered Three Arrows Capital in late 2022, MAS rolled out enhanced retail protections, custody rules and client-asset segregation requirements in a matter of months rather than years.
The MAS stance is publicly framed as “pro-innovation, anti-speculation.” In plain language: institutional products (asset tokenisation, interbank stablecoin settlement, tokenised funds for accredited investors) are encouraged and even sponsored through regulatory sandboxes; retail trading of highly volatile tokens as entertainment is restricted, blanketed with risk-knowledge tests, and deliberately starved of marketing oxygen.
The Payment Services Act and DPT licensing
The core statute is the Payment Services Act (PSA), enacted in 2019 and amended in 2021 and 2024. The PSA defines six classes of regulated payment service, one of which is Digital Payment Token (DPT) services. DPT services cover:
- Buying and selling digital payment tokens.
- Facilitating the exchange of tokens, including operating an exchange.
- Custodial holding of tokens or access keys.
- Transmitting DPTs between clients.
- Facilitating the issuance of DPTs.
Toncoin formally fits the PSA definition of a DPT: a digital representation of value not denominated in a fiat currency, capable of serving as a medium of exchange, and not a regulated security. USDT-on-TON technically falls into the same DPT category. Alongside this, MAS published a Stablecoin (Single-Currency Stablecoin, SCS) framework in 2023 that adds issuer-level requirements for any stablecoin wishing to brand itself as MAS-regulated.
To operate as a DPT provider, a company must obtain one of three licences:
- Money-changing licence — narrow, conversion only, no custody.
- Standard Payment Institution (SPI) — capped at roughly SGD 3M of monthly transactions per service.
- Major Payment Institution (MPI) — no transactional cap, but higher capital and compliance requirements.
The application process is long. Between 2023 and 2025, end-to-end timelines ranged from 9 to 24 months, with several hundred applications withdrawn or refused. Among providers that received full DPT licensing are local players (Independent Reserve, Coinhako, DBS Digital Exchange operating under DBS Bank) and a small number of international firms. The official list of licensed providers lives in the MAS Financial Institutions Directory and is updated regularly.
Retail restrictions: why crypto marketing is banned
The most distinctive feature of the Singapore regime is the retail marketing ban. On 17 January 2022, MAS issued the Guidelines on Provision of Digital Payment Token Services to the Public. The document prohibits DPT providers from:
- Advertising in public spaces: TV, radio, public transport, billboards, newspapers and magazines.
- Promotional content on social media aimed at the general public.
- Engaging influencers or third-party content creators to promote services.
- Operating cryptocurrency ATMs in public locations — almost all such ATMs were removed across 2022.
What is allowed: advertising on the provider’s own corporate website and inside its own mobile app. Promotion only reaches users who have already sought out the provider.
The 2024 update added more retail-protection measures: a mandatory risk-knowledge assessment before access to DPT services, a ban on credit-card top-ups, a ban on marketing incentives such as sign-up bonuses or referral rewards, and mandatory segregation of client assets from the provider’s own funds.
The regulator’s logic is straightforward: retail users have the right to trade crypto, but the state will not let the industry build mass-market hype targeted at people who do not understand the risk. This is the opposite of the Japanese or Korean approach, where marketing is broadly allowed but must carry disclaimers.
TON companies in Singapore: who picks the jurisdiction and why
Singapore has historically attracted crypto businesses as a place to incorporate holding companies, funds and treasury operations. The drivers include:
- Legal clarity. The PSA is a real, working law rather than a regulatory grey zone; MAS responds to enquiries and publishes FAQs.
- Tax efficiency. A corporate tax rate of 17%, no capital gains tax, and no dividend tax for individuals.
- English common law. Contracts are immediately legible to international counterparties.
- Reputation premium. A Singapore-incorporated entity carries more weight in a crypto stack than a BVI or Seychelles shell.
In the TON ecosystem, a portion of infrastructure operators and project teams use Singapore-incorporated entities for parts of their stack: fintech adapters, infrastructure providers, fund structures. We deliberately avoid naming specific companies and licence statuses here — public confirmation is uneven, and speculation about the legal structure of named teams is a fast path to errors.
It is also important to separate the place of incorporation from the licensed activity. A company can be a Singapore Pte Ltd without holding any MAS licence, because it does not offer regulated services to Singapore residents. That structure is common: a Singapore holding company at the top, operating subsidiaries in other jurisdictions that handle user-facing services.
Tax treatment for an individual holder
Singapore is one of the few jurisdictions in the world with no capital gains tax for individuals. In practice, this means:
- Holder. If you buy Toncoin and hold it as an investment, profit on sale is not taxed.
- Trader. If the Inland Revenue Authority of Singapore (IRAS) classifies your activity as trading — based on frequency, volumes, systematic intent and short holding periods — the profit becomes ordinary income, taxed on the progressive resident scale from 0% to 24% after the 2024 reform.
- GST. From 1 January 2020, sales of DPTs are exempt from Goods and Services Tax (currently 9%). Before that date, GST applied to conversions, which had effectively prevented local crypto businesses from operating onshore.
- Stablecoin spend. Paying for goods and services in USDT-on-TON does not, by itself, create a taxable event for individuals (no capital gain by default). For businesses it becomes ordinary income, converted to SGD at the prevailing rate on the date of receipt.
There is no statutory line between “investor” and “trader.” IRAS applies common-law badges of trade: frequency, motivation, length of holding, manner of disposal. Hundreds of trades per month with very short holding periods will tend to be classified as trading, while buy-and-hold of a few dozen positions over years usually is not.
Staking and airdrops sit slightly apart. IRAS guidance treats staking rewards as taxable when they are part of regular activity; one-off airdrops without conditions are usually not taxed. The framing is general rather than a special crypto carve-out.
Singapore as a hub vs. a retail market
To avoid confusion, it helps to think of two different Singapores running in parallel.
Singapore as a hub. The institutional financial infrastructure runs at full power: asset tokenisation pilots through MAS’ Project Guardian with JPMorgan, DBS, BNY Mellon and other anchor banks; wholesale CBDC settlement; institutional custody from Standard Chartered’s Zodia and DBS Digital Exchange; licensed tokenised-fund structures for accredited investors. For crypto funds, OTC desks and treasury operations, Singapore is among the strongest jurisdictions in the world.
Singapore as a retail market. Access exists, but it is intentionally inconvenient. Account opening requires a risk-knowledge test. Top-ups are restricted to bank transfers via PayNow or FAST; credit cards are out. Default limits are low, with extensions requiring further verification. There is no public advertising and no referral incentives. Retail derivatives on crypto — futures, margin trading — are effectively unavailable, since they can only be traded on offshore venues, and MAS blocks access to unlicensed providers.
This asymmetry is a feature, not a bug. The state wants Singapore to be infrastructure for crypto capital, not a casino for its own citizens.
What this means for a TON-based relocation
Suppose you are considering relocating to Singapore with a meaningful share of your wealth in TON and USDT-on-TON. Here is the operational picture:
- Visa first. Singapore does not issue a “crypto residency.” Long-term residence requires either employment with a qualifying salary (Employment Pass), entrepreneurship (EntrePass), the Tech.Pass for senior tech talent, or one of the investment tracks such as the Global Investor Programme with a high investment threshold into a local fund or business. Crypto as an asset alone does not grant residency.
- Local bank account. Local banks (DBS, OCBC, UOB) will onboard residents, but crypto-related transactions may trigger enhanced due diligence. Licensed DPT providers such as Coinhako or Independent Reserve give a clean SGD on/off-ramp.
- On-ramp and off-ramp. Converting Toncoin to SGD goes through a licensed DPT provider with KYC and source-of-funds checks. For large sums, expect requests for purchase contracts, multi-year bank statements, and tax returns from your prior jurisdiction.
- Daily life in crypto. Paying directly in TON for rent, healthcare, or schooling is essentially impossible. Singapore’s day-to-day economy is fiat, and you will convert to SGD. Several merchants accept crypto, but they are exceptions, not the norm.
- Tax residency. You become a tax resident after spending 183 days or more in Singapore in a calendar year. Singapore does not tax capital gains, but that does not mean your prior jurisdiction has released you. US citizens remain subject to FBAR/FATCA globally; EU departures may trigger an exit tax in countries like France or Germany; CRS exchange of information between Singapore and your home country continues to function.
- Complex structures. If you plan to set up a Singapore fund or OTC structure around your TON holdings, that is a separate project altogether: licensed counsel, an MPI-licensed provider, an auditor, and a setup horizon of months with tens of thousands of SGD in initial cost.
The short version: Singapore is an excellent place to live and invest tax-efficiently, but a poor place to quietly pay for dinner in TON. Retail crypto infrastructure is deliberately narrow.
Disclaimer: not legal advice
This piece reflects the regulatory landscape as of mid-2026 and does not replace advice from qualified counsel. Specific licence statuses, IRAS positions, and ICA immigration policies shift over time. Before any practical step — relocation, incorporation in Singapore, large transfers via a DPT provider — engage a licensed Singapore lawyer and a tax adviser in your current country of residence.
Closing thoughts
The Singapore regime is an orderly, institutional environment where crypto exists as a mature financial category rather than a mass-market amusement. For a TON holder evaluating the market:
- Buying and holding TON through licensed providers is possible and legally transparent.
- The tax environment is friendly to long-term investors but unfriendly to systematic traders.
- Retail infrastructure has been intentionally minimised: no advertising, no incentives, no ATMs, narrow funding rails.
- Relocation requires a visa basis unrelated to crypto itself.
If you are choosing a jurisdiction for long-horizon capital and you accept the trade-off — institutional paradise paired with retail austerity — Singapore is a serious candidate. If you are looking for a place to actively trade TON in a freewheeling retail environment with breezy marketing and minimal friction, Singapore is not it.
