Not long ago, Singapore secured its position among the preferred fintech destinations for foreign investors all over the world thanks to the favorable taxation system and the modern regulatory framework which covers a wide range of activities connected to the financial industry. One of the newest and most sought types of businesses to be set up in the fintech sector is related to the cryptocurrency field in Singapore.
Those who want to open cryptocurrency companies in Singapore are not required to apply for any special licenses as long as they do not carry out any other type of activities related to the financial sector. Our Singapore company formation agents can explain the requirements related to establishing a cryptocurrency company in the city-state.
The Monetary Authority of Singapore (MAS) is the main regulator of the financial field in the city-state and it also provides for the creation of cryptocurrency businesses. 2017 was an important year for the Singapore cryptocurrency sector as the MAS has begun considering enabling a legislation which regulates the issuance and the use of virtual coins. The MAS is also considering creating a legal framework for those interested in setting up cryptocurrency funds for the initial coin offerings (ICOs).
Foreign investors should also know that Singapore is among the few countries in the world to have a Cryptocurrency and Blockchain Industry Association dedicated to small and medium-sized enterprises (SMEs) operating in this field.
Our company registration experts in Singapore can assist foreign investors who want to start cryptocurrency companies here.
Those who want to open a Singapore company in the cryptocurrency sector must first register one of the types of structures acknowledged by the Commercial Law. Following that, a special license will be required for financial companies interested in exploring the cryptocurrency field. IT companies can also issue cryptocurrency without applying for any special permits with the MAS.
All types of companies must comply with the anti-money laundering regulations imposed by the MAS in order to protect the clients and investors in the case of cryptocurrency funds.
If you want to open a cryptocurrency company in Singapore and need assistance, do not hesitate to contact us.