The Tool Desk
Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Choose a crypto custodian in Singapore by checking the exact legal entity and service in the Monetary Authority of Singapore’s (MAS) Financial Institutions Directory, then comparing how it safeguards assets, controls transfers, handles disruption and charges for the services you need. A licence is a starting point—not proof that a particular custody arrangement is secure, suitable for your account type or inexpensive.
Retail customers, accredited investors and institutions may have access to different services and terms. First establish which category applies to you and whether the provider offers custody for your assets and intended use; a directory listing for digital payment token (DPT) services does not, by itself, establish that standalone custody is available to you.
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How to verify a custodian’s Singapore licence
Search the live MAS Financial Institutions Directory by institution, licence type or activity. Match the legal entity named in the custody agreement and transfer instructions—not just a group or trading name—to the directory entry. Confirm its current status and relevant DPT activity, then check that the contract describes the service you intend to use.
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A DPT-service listing is not a security rating, an endorsement or proof that every service offered by a corporate group is covered by the same entity or licence. The directory showed 38 results for “Digital Payment Token Service,” all classified as Major Payment Institutions, when accessed on 9 October 2026. That is a dated snapshot, not a permanent count; use the live directory for your own check.
What SPI and MPI thresholds tell you—and what they do not
MAS distinguishes Standard Payment Institution (SPI) and Major Payment Institution (MPI) licences. Its licensing page, last updated on 2 September 2024, lists SPI thresholds of S$3 million in monthly transactions for one payment service, S$6 million monthly for two or more services, or S$5 million in daily outstanding e-money, subject to stated exclusions. Providers exceeding the specified thresholds should apply for an MPI licence. These figures concern licence class, not the quality of custody controls or the level of protection a customer will receive. Check the current page and law rather than relying on these dated thresholds alone.
Singapore’s Payment Services Regulations contain additional requirements for licensees providing DPT services. Depending on the applicable provision and arrangement, these include separate customer-asset book entries, safeguarding requirements, records, risk systems and controls, and reasonable measures to maintain the integrity and security of the means used to safeguard DPT instruments. The rules do not mean every provider uses the same custody architecture. Ask how the requirements apply to the particular service and assets in your agreement.
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Do not confuse Singapore-customer rules with the overseas-only regime
In June 2025, MAS clarified that, from 30 June 2025, digital token service providers serving only customers outside Singapore in relation to DPTs and tokens of capital markets products need a licence under the Financial Services and Markets Act regime. MAS said it would generally not issue licences for those business models. Providers serving Singapore customers were already regulated under applicable existing laws, including the Payment Services Act for DPT services. The overseas-only regime is not a substitute for checking the licensing position of the entity serving you in Singapore.
Compare the custody safeguards that affect your assets
Ask each candidate the same questions and request written answers that relate to your account, assets and service. Singapore’s regulatory requirements provide a baseline, but the practical design and contractual terms still matter.
Segregation, safeguarding and records
- Are customer assets kept separate from the provider’s own assets, and what trust or other safeguarding arrangement applies to your service?
- If a safeguarding person is used, who is it, and what role does that person have?
- How often does the provider reconcile customer entitlements with on-chain holdings and internal records? MAS identified daily reconciliation and proper books and records among measures in its investor-protection package.
- What records can you access to verify your holdings, and how are discrepancies investigated and resolved?
Access and transfer controls
- Which employees, systems or third parties can authorize or execute a transfer, and how are responsibilities separated?
- What approval thresholds, authentication steps, withdrawal allow-lists or delay controls apply? Ask which controls are available for your account rather than assuming every control is mandated by law or offered by every provider.
- How can you change authorized users or approval rules, and what checks apply to those changes?
Operational independence and evidence
- Is the custody function operationally independent from trading, lending or other business functions?
- What independent assurance or audit material can the provider share? Check its date, scope and exclusions; an audit or attestation is not a guarantee against loss.
- If the provider claims assets are insured, ask for the policy, covered events, limits, exclusions and who is entitled to make a claim. Do not treat an unsupported insurance claim as protection.
Continuity and incident handling
Request the written incident-notification process, backup and recovery approach, service-availability commitments and customer-support route. Ask what you should do if withdrawals are delayed or an authorized user loses access. A licence does not establish a particular recovery time or guarantee uninterrupted service.
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Read the agreement for rights, restrictions and failure scenarios
Before depositing assets, identify what the contract says about title and beneficial interest, rehypothecation, forks, staking, sub-custody, service termination, withdrawal suspension and insolvency. These are provider-specific contractual questions; general licensing requirements do not resolve what an individual agreement says.
Consider how you would obtain information and make a claim if the provider stopped operating or entered insolvency. MAS said on 3 July 2023 that segregation and custody requirements “will minimise the risk of loss of customers’ assets,” but warned that consumers may still face significant delays in recovering assets after a provider’s insolvency. Safeguarding arrangements can reduce risks; they do not guarantee immediate access or full recovery.
MAS also cautions that regulation alone cannot protect consumers from all losses and that DPT activity is highly risky and speculative. It warns against unregulated entities, including overseas entities. Treat custody selection as one part of managing risk, not as a guarantee that an asset’s value or availability is protected.
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Compare the full cost, not just the headline custody fee
The official sources reviewed do not establish comparable, current provider-specific custody rates in Singapore. Do not infer a typical percentage or rank providers by price without dated, provider-originated quotes. Request each quote in writing and compare the same assets, account size, services and expected transfer activity.
| Cost to check | What to ask the provider | How to compare |
|---|---|---|
| Custody and account | Is the charge flat, based on assets, tiered or negotiated? Are there setup fees, account minimums or minimum balances? | Use the same asset value, billing period and account assumptions for every quote. |
| Deposits, withdrawals and transfers | What deposit, withdrawal, transfer or network charges apply? Who sets or passes through network costs? | Separate provider charges from network costs and note the transfer frequency assumed. |
| Trading and settlement | If trading is bundled with custody, what transaction or settlement charges apply? | Separate custody costs from exchange, trading and settlement charges. |
| Additional services | Are there charges for additional users, approval policies, reporting, API access or institutional service levels? | Include only services your account actually needs, and compare equivalent service levels. |
| Exit and administration | Are there account-closure, migration, administration or asset-recovery charges? | Include the cost of leaving, not only the cost of opening and maintaining the account. |
| Taxes and third-party costs | Does the quote exclude taxes or third-party charges? | Record exclusions alongside the quoted total so the figures remain comparable. |
Date each quote and retain its assumptions. If a provider will not explain a charge or says a fee depends on circumstances, ask for an example based on your expected account and activity before committing.
Check whether yield features fit your customer category
Custody, lending and staking are distinct decisions. MAS’s 2023 investor-protection statement said it would restrict DPT service providers from facilitating lending and staking of DPT tokens for retail customers, while such activities could continue for institutional and accredited investors. Confirm the current rules, your customer category and the provider’s role before treating a yield feature as available or appropriate. Review its separate terms and risks rather than assuming they are part of ordinary custody.
Quick Recap
A practical decision sequence
- Define your use case. Write down your customer category, assets, expected transaction frequency, number of authorized users and need for reporting or institutional controls.
- Verify the counterparty. Use the live MAS directory to check the contracting legal entity, its status and relevant activity. Confirm the service and transfer instructions against the contract.
- Collect comparable evidence. Give each candidate the same written questions on safeguarding, reconciliation, transfer approvals, operational independence, incidents and assurance material.
- Review the legal terms. Find the provisions governing asset rights, use of assets, withdrawals, termination, sub-custody and insolvency. Ask for clarification where the practical outcome is unclear.
- Compare dated, all-in quotes. Include account, custody, transfer, service and exit costs, and note taxes or third-party charges that are excluded.
- Decide against your own requirements. Prefer the option whose documented safeguards, contract, service scope and total cost fit your needs—not the one with the most prominent licence label or the lowest headline fee.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
