Executive summary
This page provides an overview of crypto-asset transfer regulation and Travel Rule requirements in Singapore. It is intended for Digital Payment Token Service Providers (DPTSPs), financial institutions, and compliance teams operating in or interacting with the Singapore market.
Singapore’s Travel Rule framework is administered by the Monetary Authority of Singapore (MAS) under the Payment Services Act and MAS Notice PSN02. As of 2026, the regime is characterised by strict enforcement, strong consumer-protection measures, and a tiered approach to information requirements, alongside expanded extraterritorial reach under the Financial Services and Markets Act (FSMA).
This content is provided for informational purposes only and does not constitute legal advice.
Regulatory landscape overview
Singapore has developed one of the most comprehensive and clearly articulated regulatory frameworks for digital assets globally. Rather than treating crypto-assets as a peripheral activity, the regime integrates them directly into the country’s broader financial supervision model.
Key characteristics of the Singapore approach include:
Centralised supervision by MAS across licensing, AML/CFT, and conduct
Full alignment with Financial Action Task Force (FATF) Recommendation 16
A tiered Travel Rule model combining zero-threshold baseline data with enhanced requirements above defined values
Increasing focus on custody, asset segregation, and consumer protection
By 2026, Singapore’s framework is widely viewed as institution-grade and enforcement-driven.
Supervisory and regulatory authorities
Travel Rule compliance in Singapore is overseen through a tightly coordinated structure:
Monetary Authority of Singapore (MAS): Sole regulator and supervisor for Digital Payment Token services
Suspicious Transaction Reporting Office (STRO): Receives and analyses suspicious transaction reports
AML/CFT Industry Partnership (ACIP): Public-private forum shaping best practices for managing digital-asset risk
MAS-licensed entities are expected to demonstrate consistent adherence to regulatory expectations across all activities.
Travel Rule status in Singapore
The Travel Rule is fully implemented and strictly enforced under MAS Notice PSN02.
Under the Singapore framework:
Travel Rule obligations apply to all Digital Payment Token Service Providers
Basic originator and beneficiary information is required for all transfers
Enhanced and verified information requirements apply above defined transaction thresholds
Obligations extend to Singapore-based entities providing services outside Singapore under FSMA
Singapore’s implementation is considered one of the most operationally mature globally.
Timeline and key milestones
January 2020: Payment Services Act enters into force, bringing DPT providers under MAS supervision
2024–2025: Introduction of additional requirements affecting stablecoins and platform conduct
June 2025: FSMA compliance deadline for Singapore-based entities serving offshore markets
January 2026: Enhanced consumer-protection and asset-segregation measures take effect
January 2027 (planned): Prudential treatment of crypto-asset exposures for banks
Thresholds and scope
Singapore applies a tiered Travel Rule model rather than a de minimis exemption.
Baseline (all transfers): Basic originator and beneficiary information is required
Enhanced threshold: SGD 1,500, above which additional identifying information is required
Scope: Applies to all DPTSPs, including exchanges, custodians, and token transmission services
This structure reflects MAS’s emphasis on traceability without allowing anonymous transfers.
Required data elements (high-level)
For in-scope transfers, Singapore regulations generally require information relating to:
The originator, including identifying details and account or wallet identifiers
The beneficiary, including identifying details and account or wallet identifiers
Additional identifying information may be required for transfers above the applicable threshold. Specific data elements and verification standards are defined in MAS notices and guidance and must be transmitted securely and without delay.
Local nuances and interpretive considerations
Several features of the Singapore framework are particularly relevant for compliance teams:
Extraterritorial reach: FSMA extends obligations to Singapore-based entities operating offshore
Consumer protection: Restrictions on retail funding methods and strict asset segregation rules
Institutional standards: MPI-licensed entities are subject to bank-grade AML/CFT expectations
These elements position Singapore as a conservative but highly credible digital-asset hub.
Self-custodied (unhosted) wallet considerations
Singapore applies a high-risk, verification-focused approach to transfers involving self-custodied wallets.
Ownership or control of unhosted wallets is expected to be verified before execution
Continuous screening against sanctions and risk indicators is required
Some platforms adopt additional restrictions to limit third-party wallet interactions
This approach is among the most stringent globally and reflects MAS’s risk posture.
Cross-border and interoperability considerations
Singapore places strong emphasis on cross-border compliance and data standards.
Key considerations include:
Proactive handling of inbound transfers lacking required information
Assessment of counterparty VASP data-protection and compliance capabilities
Expectations around immediate and secure information exchange without mandating a single protocol
Interoperability and structured RFI workflows are therefore critical for Singapore-licensed firms.
Indicative compliance readiness checklist
The following considerations are illustrative and non-exhaustive:
Valid MAS licence as a Standard or Major Payment Institution
Ability to apply tiered Travel Rule thresholds
Processes for verifying self-custodied wallets
Controls for cross-border counterparty assessment
Record-keeping aligned with Singapore AML retention requirements