Asian Business Law Institute and Singapore Academy of Law

February 2023

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Financial services represent one of the most regulated sectors globally, if not the most regulated. Rules exist across jurisdictions about what can and cannot lawfully be done without authorisation or permission from financial services regulators, and how it is done. Those rules have been in existence for decades.

On the other hand, many “use cases” for cryptoassets to date have been in the arena of financial services, as demonstrated by the rise of terms like “decentralised finance”. Like any novel businesses, how cryptoassets fit into the long-standing rules on financial services must be carefully examined before business commences to avoid any unwanted surprises.

This Guide summarises and collates the various regulations in Singapore as a starting point for readers interested in the regulatory treatment of cryptoassets in Singapore.