The Top 11 Crypto Companies in Singapore in 2022
Singapore is one of the most crypto-friendly countries around the world. The city-state enjoys a strong economy, exemplary cryptocurrency legislation and a high penetration rate for cryptocurrency ownership, making Singapore a reputable destination for crypto companies.
Crypto companies in Singapore are issued a license by the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA) legislation enforced in 2020. Since the last couple of years, more than 160 companies have applied for a license, and at least 100 have already been rejected.
The MPA has strict checks for companies that want to acquire the full operating Major Payments Institution (MPI). These checks include:
- An experienced management team for payments services.
- Minimum capital requirements.
- Compliance with local and international audit and anti-money laundering requirements.
- Compliance with consumer protection requirements, including a nominee for responding to customer complaints.
The aim of these regulations is to make cryptocurrency trading safer of every customer. The rules also mean that less serious businesses will have a hard time staying in the Singaporean market.
However crypto startups in Singapore can operate with an initial In-Principal Approval (IPA) before getting an MPI license, until the MAS completes its due diligence.
Crypto companies receive several tax benefits such as exemptions on taxes for cryptocurrencies (dubbed as Digital Payment Tokens in Singapore), and no capital gains tax on the sale or value of crypto assets.
While the crypto market is growing steadily in the country thanks to the government’s favorable stance, the market is exposed to the unpredictability that is typical to the industry. That has already led to the downfall of many cryptos backed ventures in the country.
List of Top Crypto Companies in Singapore
Many people thinking about investing in cryptocurrencies in Singapore ask about active companies for consideration. We’ve surveyed the market and compiled this list of companies we think are worth a look. This list should give you an idea of where to invest your funds, should you ever decide to in the future.
- Coinhako received its MPI in early May 2022.
- Coinhako is a centralized cryptocurrency exchange (CEX) service that focuses on a customer friendly approach to trading cryptocurrencies.
- It offers multiple cryptocurrency trading pairs and a wallet service.
- In 2021, the company reportedly managed S$7 billion in trading volume, and a 522 per cent annual boost in new account.
- The company is regional expansion after getting some venture capital funds.
2. Digital Treasures Centre (DTC)
- Digital Treasures Center (DTC) received its IPA in March 2022.
- This is a B2B company that helps companies integrate cryptocurrency wallets and payment systems into their services (including POS outlets).
- DTC charges lower transaction fees for merchants making it ideal for companies that want to avoid high fees associated with credit cards.
- DTC is considering to expand in other countries like UAE and Australia.
3. DBS Vickers
- This is the cryptocurrency arm of DBS Bank. It gained MAS approval in 2021 for cryptos.
- It deals with B2B clients.
- DBS Vickers allows settlements in multiple fiat currencies and cryptocurrencies like BTC, ETH and XRP, among others.
- The bank offers full brokerage services including stock and mutual fund trading.
- It does not plan to service retail clients anytime soon.
- TripleA was the first crypto company in Singapore to gain full MAS approval in 2021.
- It focuses on B2B services and provides many Fintech options to customers. For this reason, it is often called a jack-of-all trades among the local crypto companies.
- The company has access to over $5 billion worth of cryptocurrenct for trading.
- It is known complete compliance with Singapore’s KYC and AML regulations, making it one of the safest cryptocurrency companies of Singapore.
- The company offers services for online and POS retail businesses.
- Has launched a y=user-friendly crypto investment brand in partnership with GrapPay.
5. Independent Reserve
- Independent Reserve is an Australian venture, and is the first foreign crypto company in Singapore to get a MPI license.
- It is also an old company, being established in 2013.
- The company offers a free trial, and boasts a simple crypto exchange that is made for everyone.
- Has over 200,000 customers, and allows exchange of BTC with fiat currencies like USD, SGD, AUD and NZD.
6. FOMO Pay
- FOMOPay was granted an MPI license in 2021.
- The company focuses on retail businesses, offering them a way to accept crypto payments with low transaction fees for cost savings.
- It is a one-stop merchant solution for cryptocurrencies in Singapore.
- The company was responsible for integrating QR codes for cryptocurrency payments across Singapore.
- Hodlnaut started in 2019 and offers DeFi services for customers to earn interest on their cryptocurrency holdings. Customers can invest crypto by lending to financial institutions and other decentralized apps.
- Hodlnaut received an IPA in March 2022.
- It is currently looking to expand its scope by allowing users to apply for loans and extending its DeFi Services to retailers.
- Like many other platforms customers can keep their holdings in SGD or USD meaning that their investments are secure from crypto volatility.
- Luno is a multinational company that operates in 40 currencies. It is backed by the Digital Currency Group.
- It has been granted IPA status in Singapore.
- It is an Android/IoS app that allows users to trade the major cryptocurrencies and store them in a highly secure wallet.
- The company offers cusomers free transactions if they send cryptocurrencies to other Luno members.
- Founded in 2012, this New York-based Paxos is now one of the fastest growing fintech companies with a recent valuation of 2.4 biliions US$.
- The company offers several services including gold backed trading.
- It offers custodial wallet services and blockchain infrastructure for B2B clients.
- Sygnum is a Swiss digital asset bank that is IPA licensed to trade cryptocurrencies in Singapore.
- The company continues to receive funding for developing blockchain-based web 3.0 services.
- The company offers DeFi and staking services for cryptocurrency investors.
- It allows trading in CHF, SGD andUSD, along with the usual options for cryptocurrencies like BTC and ETH.
- Rovolut is a UK-based company that has been granted an IPA for digital token payments in 2022.
- It provides an all-in-one app service for customers as well as businesses.
- It also offers a digital wallet for holding cryptocurrency.
Everyone knows now that Singapore is one of the most crypto-friendly countries globally, and with its legislations and strong economy, makes Singapore the most favourable destination for crypto companies.
Our extensive analysis of the Singaporean Crypto Space doesn’t stop here. You can also check out our Guide regarding Blockchain Courses in Singapore if your plan is to study in deep this new fintech sector.
Most frequent questions and answers
Yes, cryptocurrency is entirely legal, and even regulated in Singapore. Singapore’s ruling commercial banking authority accepted crypto currency as an intangible asset that can be stored with trust under a custodian.
Singapore is a hotspot for cryptocurrency trading. The country has a high crypto ownership rate, with over half a million people (9.4% of the population) estimated to own cryptos. Singapore also has a regulatory process for approving cryptocurrency company. As a result there are many crypto companies operating in Singapore.
You can buy digital currencies form any crypto company in Singapore. You will have to go through the following steps:
- Select an exchange company,
- Create an account,
- Upload your KYC documents and complete other forms
- Add funds to your account with fiat currency
- Purchase the cryptocurrency of your choice
No, cryptocurrencies are exempt from taxation in Singapore. The exemptions include sales tax and capital gains tax.
Over 550,000 people invest in cryptocurrencies in Singapore.
Two notable banks can buy cryptocurrency in Singapore. One is DBS. The other is Sygnum.
Cryptocurrencies are volatile in nature, and the market can go bullish or crash at any time. Nevertheless, is is a good idea to do your research before investing in any cryptocurrency. You should also consider investing in reliable companies that are approved by the regulatory authority. Keeping accounts linked to Fiat currencies is also recommended as these currencies are secure and can be liquidated easily for day-to-day use.
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.