National Supervisory Authority & Licensing Qualification Dossier • Asia-Pacific
MAS
SingaporeMonetary Authority of Singapore
Source / Native Reference: 新加坡金融管理局
- Supervisory tier
- Tier-1
- License classes
- 3
- Licensed records
- 47
- Active / regulated
- 46
Statutory Supervisory Mandate & Scope
Cyprus Securities and Exchange Commission (CySEC) (CySEC) is a Tier-2 derivatives, commodities, and market-infrastructure supervisory body in Cyprus. It regulates futures commission merchants, derivatives dealers, clearing members, and exchange-traded contract execution, enforcing margin adequacy, position limits, trade reporting, and segregated client collateral protections.
Administers the Securities and Futures Act (SFA), Payment Services Act (PSA), Financial Advisers Act (FAA), Banking Act, and Financial Services and Markets Act (FSMA) 2022.
Prudential Tier Assessment
Tier-1Integrated central bank and Tier-1 financial regulatory authority of Singapore overseeing banking, capital markets, insurance, and digital payment token providers.
National licensing qualifications & statutory authorisation classes (MAS)
Authorisation categories, permitted institutional and retail activities, minimum initial capital adequacy, and ongoing prudential solvency rules enforced by MAS in Singapore.
| License class / code | Official designation | Permitted institutional & retail activities | Minimum initial / base capital | Ongoing prudential & solvency rule |
|---|---|---|---|---|
| CMS Licence — Dealing in Capital Markets Products | Capital Markets Services (CMS) Licence for Securities, Futures & OTC Derivatives / Leveraged FX | Dealing in securities, exchange-traded derivatives, OTC derivatives, and retail/institutional leveraged foreign exchange. | SGD $5,000,000 Base Capital (Clearing Member / Retail OTC Derivatives & Leveraged FX), SGD $1,000,000 (Non-Clearing Member), or SGD $500,000 (Accredited/Institutional Investors only). | Financial Resources ≥ 120% of Total Risk Requirement (Operational, Counterparty, Market & Large Exposure Risk); 20:1 retail FX margin cap (5% minimum margin). |
| CMS Licence — Fund Management (LFMC / RFMC) | Licensed Fund Management Company (Retail or Accredited/Institutional A/I LFMC) | Discretionary portfolio management, VCC sub-fund management, private equity, hedge fund, and institutional mandate management. | SGD $1,000,000 Base Capital (Retail LFMC) or SGD $250,000 Base Capital (Accredited/Institutional LFMC; note RFMC regime repealed into A/I LFMC in Aug 2024). | Risk-based capital adequacy (≥120% of Total Risk Requirement), independent fund valuation/custody, and annual MAS Form 1/2 prudential filings. |
| PSA — Major Payment Institution (MPI / DPT) | Major Payment Institution Licence (Digital Payment Tokens & Cross-Border Money Transfer) | Digital Payment Token (crypto) exchange and custody, e-money issuance, merchant acquisition, and cross-border remittance without monthly volume caps. | SGD $250,000 minimum Base Capital plus SGD $100,000–$200,000 statutory security deposit lodged with MAS. | 100% safeguarding of customer fiat moneys (via bank guarantee or trust account) + 90% cold storage and statutory trust for customer DPTs. |
Investor compensation, client money segregation & digital-asset regime
Statutory counterparty protections, custody reconciliation mandates, and virtual-asset licensing status under MAS.
Singapore Deposit Insurance Corporation (SDIC) / SGX Fidelity Fund
- Maximum coverage per client
- SGD $100,000 per depositor per Scheme member bank/finance company (increased from SGD $75,000 in April 2024); SGX Fidelity Fund covers defalcation by SGX member brokers
- Eligible counterparties & scope
- Non-bank individuals and charities holding SGD deposits at full banks or finance companies (OTC derivatives and DPT tokens are protected via statutory trust segregation rather than SDIC).
Securities and Futures (Licensing and Conduct of Business) Regulations — Reg 16 to Reg 37
- Reconciliation & audit cadence
- Daily computation of customer money and asset trust balances by the next business day; monthly external verification.
- Approved custodian requirements
- Customer moneys must be deposited in a designated statutory Trust Account with a licensed bank in Singapore; strict prohibition on rehypothecation of retail customer assets ( effective both under SFA and Oct 2024 PSA DPT rules).
Payment Services Act (PSA) Major Payment Institution (MPI) — Digital Payment Token (DPT) & MAS Stablecoin Framework
- Travel Rule, custody & stablecoin rules
- MAS Notice PSN02 enforces a zero-threshold Wire Transfer / Value Transfer Rule for all DPT transactions; mandatory 90% cold-wallet custody & statutory trust segregation for DPT customer assets.
Primary Governing Statutes & Rulebooks
- Securities and Futures Act 2001 (SFA) & SF(LCB)R / SF(FMR)R Regulations
- Payment Services Act 2019 (PSA) & PSN02 AML/CFT Notice for Digital Payment Tokens
- Financial Services and Markets Act 2022 (FSMA) & Variable Capital Companies Act (VCC)
- MAS Notice SFA 04-N12 (Sale of Investment Products) & MAS Technology Risk Management (TRM) Guidelines
Regulatory Reporting & Audit Obligations
Quarterly Form 1 & Form 2 Risk-Based Capital returns and annual audited financial statements + Auditor’s Report on Customer Money/Assets (Form 5)SFA Part 6A OTC Derivatives Trade Reporting to DTCC Data Repository SingaporeMandatory Dispute Resolution membership with FIDReC (Financial Industry Disputes Resolution Centre) for retail-facing institutions
Cross-Border Equivalence & Passporting
ASEAN Collective Investment Scheme (CIS) passporting for qualifying retail funds; FSMA 2022 requires Singapore-incorporated entities providing virtual asset services outside Singapore to be licensed.
Supervised institutions & MAS licence records in our database
47 licence records referencing MAS (46 regulated/registered, 1 flagged with warnings/revocations).
| Institution | Licence number | Status | Licensed legal entity | Effective date | Verification |
|---|---|---|---|---|---|
| Coinbase | Number pending check | Regulated | Coinbase | — | |
| OKX | Number pending check | Regulated | OKX SG PTE. LTD. | — | |
| Hash | Number pending check | Regulated | HASHKEY CAPITAL SINGAPORE PTE. LTD. | — | |
| Lion | CMS101140 | Regulated | LION INTERNATIONAL FINANCIAL (SINGAPORE) PTE. LTD. | — | |
| TRON | Number pending check | Registered | TRON Foundation Limited | 2017-07 | |
| Saxo(Global network record) | Not supplied | Regulated | SAXO CAPITAL MARKETS PTE. LTD. | — | |
| Mizuho Securities(Global network record) | Number pending check | Regulated | MIZUHO BANK, LTD. | — | |
| MUFG Bank(Global network record) | Number pending check | Regulated | MUFG BANK, LTD. | — | |
| CheckOut(Global network record) | PS20200469 | Regulated | Checkout | — | |
| CMCMarkets(Global network record) | 200605050E | Regulated | CMC MARKETS SINGAPORE PTE LTD | — | |
| OANDA(Global network record) | Number pending check | Regulated | OANDA ASIA PACIFIC PTE. LTD. | — | |
| Plus500(Global network record) | CMS100648 | Regulated | PLUS500SG PTE. LTD. | — | |
| Swissquote(Global network record) | 226182 | Regulated | SWISSQUOTE PTE. LTD. | — | |
| Forex(Global network record) | CMS100476 | Regulated | STONEX FINANCIAL PTE. LTD. | — | |
| IB(Global network record) | CMS100917 | Regulated | INTERACTIVE BROKERS SINGAPORE PTE. LTD. | — | |
| StoneX(Global network record) | Number pending check | Regulated | StoneX Financial Pte. Ltd. | 2011 | |
| VELOCITY(Global network record) | 202302162E | Regulated | Velocity Trade Pte. Ltd. | — | |
| BitGo(Global network record) | Number pending check | Regulated | BITGO SINGAPORE PTE. LTD. | 2024-08 | |
| Eddid Financial(Global network record) | CMS101839 | Regulated | EDDID FINANCIAL SINGAPORE PTE. LTD. | — | |
| ICAP(Global network record) | CMS100204 | Regulated | ICAP AP Singapore Pte Ltd | 2005 | |
| IG(Global network record) | 1489 | Regulated | IG ASIA PTE LTD | — | |
| MultiBank(Global network record) | CMS101174 | Regulated | MEX GLOBAL MARKETS PTE. LTD | — | |
| Tiger Brokers(Global network record) | Number pending check | Regulated | TIGER BROKERS (SINGAPORE) PTE. LTD | — | |
| Broker-4317(Global network record) | Number pending check | Regulated | Broker-4317 | 2020 | |
| SMS(Global network record) | TC006275 | Regulated | HEX TRUST LIMITED | — | |
| Straits Financial Group(Global network record) | CMS100028-1 | Regulated | Straits Financial Services Pte Ltd | — | |
| The Capital Group(Global network record) | 249688 | Regulated | CAPITAL GROUP INVESTMENT MANAGEMENT PTE. LTD. | — | |
| Adyen(Global network record) | PS20200541 | Regulated | Adyen | 2020-01-28 | |
| Anchorage(Global network record) | 427752 | Regulated | ANCHORAGE DIGITAL SINGAPORE Pte. Ltd. | — | |
| DBS Bank(Global network record) | Number pending check | Regulated | DBS BANK LTD | — | |
| HashKey Exchange(Global network record) | Number pending check | Regulated | HASHKEY CAPITAL SINGAPORE PTE. LTD. | — | |
| RBC(Global network record) | Number pending check | Regulated | ROYAL BANK OF CANADA | — | |
| TRIPLE(Global network record) | PS20200525 | Regulated | TRIPLE A TECHNOLOGIES PTE. LTD. | — | |
| XREX(Global network record) | Number pending check | Regulated | XREX PTE. LTD. | — | |
| BigONE(Global network record) | 201727107K | Regulated | BIGX GLOBAL PTE. LTD. f.k.a UNIBLOCK INVESTMENT CONSULTANCY PTE. LTD. | — | |
| CGS CIMB ·(Global network record) | Number pending check | Regulated | CGS INTERNATIONAL SECURITIES SINGAPORE PTE. LTD. | — | |
| DigiFinex(Global network record) | Number pending check | Revoked | DIGIFINEX PTE LTD | 2020-07-28 | |
| KGI(Global network record) | 195500144H | Regulated | KGI Securities (Singapore) Pte. Ltd. | 1990 | |
| Maybank Kim Eng(Global network record) | Number pending check | Regulated | MAYBANK | — | |
| OCBC(Global network record) | Number pending check | Regulated | OVERSEA-CHINESE BANKING CORPORATION LIMITED | — | |
| Omise(Global network record) | 201613920H | Regulated | Omise | — | |
| PAYPAL(Global network record) | PS20200223 | Regulated | PAYPAL PTE. LTD. | 2020-02-23 | |
| PHILLIP(Global network record) | Not supplied | Regulated | PHILLIP NOVA PTE. LTD | -- | |
| UOB(Global network record) | 193500026Z | Regulated | UNITED OVERSEAS BANK LIMITED | — | |
| UOB(Global network record) | 197000447W | Regulated | UOB Kay Hian Securities | — | |
| UPbit(Global network record) | Number pending check | Regulated | UPBIT SINGAPORE PTE. LTD. | — | |
| UTRADE(Global network record) | 197000447W | Regulated | UTRADE | — |
MAS (Singapore): institutional licensing & due diligence FAQ
Key statutory capital, compensation, custody segregation, and verification answers for compliance teams.
What are the primary licensing classes and minimum capital requirements under MAS (Singapore)?
MAS (Monetary Authority of Singapore) supervises financial institutions in Singapore under Securities and Futures Act 2001 (SFA) & SF(LCB)R / SF(FMR)R Regulations and Payment Services Act 2019 (PSA) & PSN02 AML/CFT Notice for Digital Payment Tokens. Key statutory authorisation classes include: CMS Licence — Dealing in Capital Markets Products (Capital Markets Services (CMS) Licence for Securities, Futures & OTC Derivatives / Leveraged FX — min. capital: SGD $5,000,000 Base Capital (Clearing Member / Retail OTC Derivatives & Leveraged FX), SGD $1,000,000 (Non-Clearing Member), or SGD $500,000 (Accredited/Institutional Investors only).); CMS Licence — Fund Management (LFMC / RFMC) (Licensed Fund Management Company (Retail or Accredited/Institutional A/I LFMC) — min. capital: SGD $1,000,000 Base Capital (Retail LFMC) or SGD $250,000 Base Capital (Accredited/Institutional LFMC; note RFMC regime repealed into A/I LFMC in Aug 2024).); PSA — Major Payment Institution (MPI / DPT) (Major Payment Institution Licence (Digital Payment Tokens & Cross-Border Money Transfer) — min. capital: SGD $250,000 minimum Base Capital plus SGD $100,000–$200,000 statutory security deposit lodged with MAS.). Ongoing prudential supervision requires strict adherence to capital adequacy and liquidity buffers.
Does MAS provide statutory investor compensation and mandatory client asset segregation?
Under MAS's framework, investor protection is governed by Singapore Deposit Insurance Corporation (SDIC) / SGX Fidelity Fund with maximum coverage of SGD $100,000 per depositor per Scheme member bank/finance company (increased from SGD $75,000 in April 2024); SGX Fidelity Fund covers defalcation by SGX member brokers (Non-bank individuals and charities holding SGD deposits at full banks or finance companies (OTC derivatives and DPT tokens are protected via statutory trust segregation rather than SDIC).). For client money and custody assets, supervised firms must comply with Securities and Futures (Licensing and Conduct of Business) Regulations — Reg 16 to Reg 37, performing daily computation of customer money and asset trust balances by the next business day; monthly external verification. with customer moneys must be deposited in a designated statutory trust account with a licensed bank in singapore; strict prohibition on rehypothecation of retail customer assets ( effective both under sfa and oct 2024 psa dpt rules)..
How does MAS regulate digital assets, crypto exchanges (VASPs/CASPs), and stablecoins?
MAS's digital-asset regime is structured around Payment Services Act (PSA) Major Payment Institution (MPI) — Digital Payment Token (DPT) & MAS Stablecoin Framework (Comprehensive licensing covering DPT dealing, custody, cross-border transfer, and the MAS Single-Currency Stablecoin (SCS) reserve/redemption framework.). Custody and AML/CFT compliance obligations require: MAS Notice PSN02 enforces a zero-threshold Wire Transfer / Value Transfer Rule for all DPT transactions; mandatory 90% cold-wallet custody & statutory trust segregation for DPT customer assets.
How can I verify an institution's MAS licence number and check our 47 recorded licence entries?
Our database currently tracks 47 licence records referencing MAS (46 marked regulated or registered). To verify a counterparty at the primary source, open MAS's official public register (https://www.mas.gov.sg/), search by the exact reference number and legal entity name, and confirm that the firm's domain and permitted activities match its statutory authorisation.
Related regulatory & market structure briefings
Research and compliance analysis from Sovereign Tax Atlas relevant to MAS and Singapore.
FATCA, CRS & Cross-Border Information Exchange
Singapore MAS Section 13O (S$20M) & Section 13U (S$50M) Family Office Tax Exemption: Statutory vs. Bilateral Treaty Withholding Tax Rate Matrix (2026) (0.0% Exempt Specified Income Tax Benchmark)
Singapore MAS Section 13O (S$20M) & Section 13U (S$50M) Family Office Tax Exemption (SG-13O-13U-VCC) stands at 0.0% (Exempt Specified Income Tax) (Source: Monetary Authority of Singapore / IRAS, 2026-10-20), governing di
OECD Pillar Two & Global Minimum Tax
Singapore MAS Section 13O (S$20M) & Section 13U (S$50M) Family Office Tax Exemption: Economic Substance, Minimum AUM & Local Staffing Qualification Rules (0.0% Exempt Specified Income Tax Benchmark)
Singapore MAS Section 13O (S$20M) & Section 13U (S$50M) Family Office Tax Exemption (SG-13O-13U-VCC) stands at 0.0% (Exempt Specified Income Tax) (Source: Monetary Authority of Singapore / IRAS, 2026-10-20), governing de
Institutional Fund Domiciles & Family Office Regimes
Singapore MAS Section 13O (S$20M) & Section 13U (S$50M) Family Office Tax Exemption: QDMTT, IIR & UTPR Effective Tax Rate (ETR) & Top-Up Calculation (0.0% Exempt Specified Income Tax Benchmark)
Singapore MAS Section 13O (S$20M) & Section 13U (S$50M) Family Office Tax Exemption (SG-13O-13U-VCC) stands at 0.0% (Exempt Specified Income Tax) (Source: Monetary Authority of Singapore / IRAS, 2026-10-20), governing Su
Cross-Border Tax Treaties
Singapore MAS Section 13O (S$20M) & Section 13U (S$50M) Family Office Tax Exemption: Limitation on Benefits (LOB), Principal Purpose Test & ATAD 2 Anti-Hybrid Rules (0.0% Exempt Specified Income Tax Benchmark)
Singapore MAS Section 13O (S$20M) & Section 13U (S$50M) Family Office Tax Exemption (SG-13O-13U-VCC) stands at 0.0% (Exempt Specified Income Tax) (Source: Monetary Authority of Singapore / IRAS, 2026-10-20), governing ac
Statutory licensing classes, base capital rules, and investor protection summaries for MAS (Singapore) are maintained for institutional benchmarking and do not constitute legal advice. Always verify current rulebooks and active firm authorisations directly on MAS’s official public register.
