What is a DPT license in Singapore? It is the license the Monetary Authority of Singapore (MAS) grants under the Payment Services Act to firms providing digital payment token (DPT) services. Bitcoin, ETH and most stablecoins are digital payment tokens in Singapore, so any firm that buys, sells, exchanges, transfers or safeguards these tokens for customers in Singapore needs a DPT license.
Which Businesses Need a DPT License?
The Payment Services Act originally covered dealing in digital payment tokens and facilitating their exchange, typically exchanges and OTC desks. From 2024, the amended Act expanded DPT services to include token transfer and custody, so even a firm that never matches trades but only safeguards tokens or private keys, or transfers tokens for customers, needs a license. Licensees are split by size into standard payment institutions and major payment institutions, and once business volumes cross certain thresholds a firm must apply for a major payment institution license and face stricter oversight.
How Does the DPT License Relate to the DTSP Regime?
The DPT license governs services provided to customers in Singapore. Since June 30, 2025, the digital token service provider (DTSP) regime under the Financial Services and Markets Act has brought firms that are set up in or operate from Singapore but serve only overseas customers into licensing as well. MAS has said it will grant such licenses only in extremely limited circumstances. In practice, using Singapore as a registered base while doing business only overseas is no longer a workable model.
What Custody Requirements Must DPT Licensees Meet?
MAS requires licensees to segregate customer assets from their own, hold them on trust for customers, and maintain proper books and reconciliation records. On the technology side, MAS technology risk management requirements apply as well, so private keys and signing systems need strict access controls, backups and contingency arrangements. On AML, licensees must perform customer due diligence, monitor on-chain activity with KYT, and comply with the Travel Rule. MAS also restricts licensees from promoting DPT services to the general public in Singapore’s public spaces.
Conclusion
Singapore’s DPT license is granted by MAS under the Payment Services Act to digital payment token service providers, covering dealing, exchange, transfer and custody. Singapore-based firms serving only overseas customers fall under the DTSP regime that took effect in 2025. Like VASP licenses elsewhere, both regimes put asset segregation, key management and AML capability at the center of the review. Safeheron’s MPC Wallet-as-a-Service provides businesses with MPC key management and a policy engine.
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