Crypto in Singapore: The Ultimate Guide

Singapore has emerged as one of the world’s leading crypto hubs, and its strong fundamentals help explain why. A quarter of the population already holds digital assets, personal investment gains are free from capital gains tax, and a forward-looking licensing regime means the platforms you use to explore crypto in Singapore are overseen by one of the world’s most respected financial regulators.

But that success also comes with risk.

According to a Singapore Police Force report, although cybercrime fell by 25% in 2025, Singaporeans still lost S$913.1 million to scams, with crypto-related fraud accounting for S$182.2 million, or about 20% of the total.

A compromised wallet, an unvetted exchange, or a single blindly signed transaction can wipe out years of gains. This affects educated, active investors and even major crypto exchanges.

This guide covers how to buy, protect, and manage crypto in Singapore: the regulatory framework you need to understand, the platforms worth trusting, and the security principles that separate investors who keep their gains from those who lose them.

How To Buy Crypto in Singapore

Singapore’s clear licensing regime means you do not have to navigate an uncertain landscape. Every platform offering crypto services must hold a licence from the Monetary Authority of Singapore (MAS), the country’s main financial regulator.

It oversees cryptocurrency through two laws: the Payment Services Act 2019 (PSA) and the Financial Services and Markets Act 2022 (FSMA).

Under the PSA, any company offering crypto services, such as buying, selling, or exchanging digital tokens, must hold a licence from MAS.

So far, MAS has granted Major Payment Institution (MPI) licences to dozens of crypto platforms operating in Singapore.

However, even on licensed platforms, true security starts the moment you buy.

Secure Self-Custody: Why It Matters

A common myth in Web3 is that crypto is stored inside your wallet. It is not.

Your funds never leave the blockchain. What a wallet actually holds is your private keys: a cryptographic credential that proves ownership and authorises every transaction you make onchain.

Whoever holds the private key controls the funds.

When your crypto sits on an exchange, you do not hold those keys, the exchange does. You access your funds through a standard account login, much like a banking app. If the exchange is hacked, goes bankrupt, or freezes withdrawals, your funds can become inaccessible.

If you want to keep your holdings secure, you need full control of your private keys and stronger protection around them.

With that in mind, there are two main routes to buying crypto in Singapore:

1. Buy Directly via Ledger Wallet (Recommended)

If you already own a Ledger signer, or are considering getting one, you can buy crypto directly inside Ledger’s all-in-one crypto app, Ledger Wallet™.

This is the safest way to purchase crypto in Singapore, because Ledger offers a battle-tested security model.

Ledger Wallet™ also lets you do more with your digital assets. You can use the app to invest in over 15,000 cryptocurrencies, swap assets, set up recurring buys, explore tokenized real-world assets, and earn on stablecoins. Integrated on-ramp providers, including Transak and Alchemy Pay, accept Singapore dollars (SGD) through credit or debit card, Apple Pay, Google Pay, and bank transfer.

Another key advantage is that your purchased crypto goes directly into secure self-custody. Your assets move straight to your Ledger address, so no custodial intermediary holds your funds, there is no separate withdrawal step, and your private keys remain on your Ledger signer.

The sections below explain in more detail how a Ledger signer helps secure your assets.

2. Buy via a Licensed Exchange

Alternatively, you can buy crypto in Singapore through a MAS-licensed exchange. Here is how to purchase crypto through MAS-licensed exchanges and services, including Coinhako, Crypto.com, Independent Reserve, Coinbase, and Upbit.

While a MAS license means an exchange meets strict regulatory standards, it does not make them immune to cyberattacks. Multiple MAS-regulated platforms have experienced security breaches over the years. 

As MAS explicitly warns, their oversight cannot shield your crypto from being lost or stolen if an exchange gets hacked. Acknowledging and adopting true secure self-custody is the only way to be in complete control of your funds, so a better strategy could be to move your funds to a Ledger signer right after you purchase your tokens on an exchange. 

1. Create an account and complete Know Your Customer (KYC)
   All MAS-licensed exchanges require Know Your Customer (KYC) verification. This usually includes your NRIC or passport, and sometimes proof of address.
2. Deposit SGD
   Most exchanges support FAST bank transfers and PayNow for near-instant SGD deposits. Some also integrate with StraitsX (formerly Xfers). Card deposits are available, but they usually carry higher fees.
3. Place your order
   Select your cryptocurrency, enter the amount in SGD or tokens, and execute the trade. Popular choices among Singaporean users include Bitcoin (BTC), Ether (ETH), and Solana (SOL).

Next, it is important to understand how to protect your crypto assets.

How To Protect Your Crypto in Singapore

Two-thirds of Singaporean crypto users say they prioritise trust and security over fees when choosing a platform to buy crypto. But in an environment where even the largest exchanges can fall victim to cyber threats, it is fair to ask whether they can protect your digital assets over the long term.

As mentioned earlier, when your crypto sits on an exchange, you do not truly control it. The exchange does. Even software wallets, such as mobile apps or browser extensions, carry serious risks. Although you back up your Secret Recovery Phrase during setup, the private keys used to sign transactions are still stored on an internet-connected device.

That creates several important vulnerabilities:

• Malware, keyloggers, and infostealers can steal your Secret Recovery Phrase or private keys directly from the device.
• Clipboard hijackers can silently replace wallet addresses when you copy and paste them.
• Sophisticated screen overlays and manipulation attacks can trick you by showing one harmless-looking transaction while you are actually signing something malicious.

Even if you write down your Secret Recovery Phrase on paper, your active private keys remain exposed because the device stays online and under the control of the operating system.

In 2025, cryptocurrency scams accounted for S$182.2 million in losses, or 20% of total scam losses in Singapore. The best way to reduce that risk is to take full ownership of your private keys through self-custody.

A hardware wallet is often seen as the safest way to do that because it keeps your private keys offline in a secure chip isolated from the internet. This means that even if your computer or phone is compromised, your keys remain protected.

But not all hardware wallets are built the same.

Let’s look under the hood to understand why a Ledger signer offers a stronger security model for navigating Web3 safely.

Ledger Signers: Best Hardware Security For Crypto In Singapore

Ledger signers are built on a powerful combination of security features: a certified Secure Element chip, a custom operating system, and trusted secure screens that help protect your private keys against a wide range of threats.

Ledger’s Core Security Model

Secure Element Chips

Ledger signers are built around CC EAL5+ and EAL6+ certified Secure Element chips, the same type of bank-grade chips used in credit cards and biometric passports. While some hardware wallets include Secure Elements, Ledger combines this foundation with a complete security stack designed to provide stronger protection.

These chips are specifically hardened against advanced attacks such as power glitching, side-channel analysis, fault injection, and physical extraction, which can compromise ordinary microcontroller chips found in many other devices.

Ledger OS

Ledger OS™ adds another layer of protection by running each app in isolation. Even if one app is malicious, it has no path to your private keys or Secret Recovery Phrase. This architecture means a vulnerability in one app cannot automatically compromise your entire setup.

Secure Screens & Touchscreens

Most crypto interactions still show users little more than an unreadable hex string before signing, a dangerous practice known as blind signing.

Ledger signers address this with secure screens and touchscreens driven directly by the Secure Element chip itself.

Malware on your computer or phone cannot alter what appears on the Ledger screen, helping ensure that what you see is what you sign.

Clear Signing & Transaction Check

Ledger’s Clear Signing standard translates each transaction into plain language on-device. The recipient address, token amount, and contract interaction are visible and verifiable before you confirm.

What you read on the signer’s screen is exactly what you are signing.

Ledger’s Transaction Check feature also simulates EVM transactions before you sign them, assessing risk in real time against known attack patterns, suspicious contracts, and wallet-draining approvals.

PIN Code Protection and Passphrase

With PIN code protection that wipes the device after three incorrect attempts, plus passphrase support for hidden accounts, you have added protection even in difficult real-world situations.

These defences also extend across Ledger’s wider security ecosystem. Ledger Donjon, Ledger’s white hat hacker team, continuously stress-tests devices against emerging threats and publishes findings to help strengthen the broader crypto ecosystem.

In an era of deepfakes and AI-powered phishing, authentication tied to a physical device you hold and verify on a trusted screen cannot be intercepted or socially engineered remotely in the same way as purely online credentials.

Your Ledger signer can also function as a FIDO2/WebAuthn hardware passkey for supported accounts.

Backup and Recovery Options

Lose your device? Ledger offers backup and recovery options designed to help you regain access with less friction.

Ledger Recover™ is an optional paid subscription service that backs up encrypted fragments of your Secret Recovery Phrase with three independent custodians. If you lose your signer, you can verify your identity and restore access.

Ledger Recovery Key is a PIN-protected physical smart card with its own Secure Element chip. During setup, you tap it to your Ledger signer through Near Field Communication (NFC) to create a secure offline copy of your 24-word phrase. If needed, you can tap the card to a new compatible Ledger signer, enter your PIN, and restore your wallet.

You remain in control with either option, while reducing the risk of relying on a single backup method.

Where To Buy a Ledger in Singapore

You can buy Ledger signers in Singapore from several authorised retailers.

Challenger, one of Singapore’s largest electronics retail chains, carries the Ledger line-up, including Ledger Flex™, Ledger Stax™, Ledger Nano X™, and Ledger Nano S Plus™.

Ledger devices are also available through other authorised retailers in Singapore and on Amazon Singapore. You can find the full official list of resellers here.

Top 5 Crypto Exchanges & Apps in Singapore for 2026

Ledger Wallet (formerly Ledger Live)

• No. of currencies: 15,000+
• KYC required: The app can be used without KYC, but third-party service providers may require KYC
• Trading fees: Ledger Wallet charges no fees, but network fees apply
• Deposit fees: No
• Withdrawal fees: No
• On-ramp providers: Transak, Alchemy Pay, MoonPay, Coinbase Pay, Ramp Network (availability and fees vary by provider)
• Pros: You can buy, sell, stake, swap, and do more with your crypto directly inside Ledger Wallet™ without signing up to a separate exchange. Integrated on-ramp providers support SGD purchases through credit or debit card, Apple Pay, Google Pay, and bank transfer.

Coinhako

• No. of currencies: ~200 cryptocurrencies
• KYC required: Yes
• Trading fees: 0.6% per trade (0.5% for recurring buys)
• Deposit fees: No (via FAST/PayNow); 2.8% for instant card funding
• Withdrawal fees: Variable (depends on cryptocurrency)
• Pros: Singapore-founded and MAS-licensed. Simple interface for beginners, with strong local bank integration through FAST and PayNow
• Cons: Higher trading fees than some international exchanges; spreads can add to total cost

Crypto.com

• No. of currencies: 350+
• KYC required: Yes
• Trading fees: 0.075% maker / 0.075% taker (tiered; decreases with volume and CRO staking)
• Deposit fees: No (via FAST); 2.99% for credit/debit cards
• Withdrawal fees: Variable (depends on cryptocurrency)
• Pros: MAS-licensed, wide range of coins, competitive exchange fees, support for SGD through FAST transfers, plus staking, DeFi, and NFT features
• Cons: High card deposit fees; in-app swap spreads can be unclear

Independent Reserve

• No. of currencies: 37+
• KYC required: Yes
• Trading fees: 0.5% (tiered; down to 0.02% at high volumes)
• Deposit fees: No (via PayNow/FAST)
• Withdrawal fees: Variable (depends on cryptocurrency)
• Pros: First crypto exchange licensed by MAS. Trusted by over 500,000 investors. Instant 24/7 SGD deposits through PayNow/FAST, plus an OTC desk for trades over S$50,000
• Cons: Smaller cryptocurrency selection than larger global competitors

Coinbase

• No. of currencies: 250+
• KYC required: Yes
• Trading fees: ~0.5% spread + transaction fee (varies by payment method); Coinbase Advanced: 0.6% maker / 0.6% taker (tiered)
• Deposit fees: No (SGD via Xfers/StraitsX)
• Withdrawal fees: Variable (typically S$1–S$5 for crypto withdrawals)
• Pros: One of the world’s largest and most established exchanges. Beginner-friendly interface, strong security reputation, and instant SGD deposits through Xfers/StraitsX
• Cons: Higher fees on the standard platform than on Coinbase Advanced; card deposit fees can be high

Crypto Tax in Singapore

One of Singapore’s biggest advantages for crypto investors is its favourable tax treatment.

Singapore has no capital gains tax. This means that if you buy crypto as a long-term personal investment and later sell it at a profit, that gain is generally not taxable.

However, there is an important distinction. If the Inland Revenue Authority of Singapore (IRAS) determines that your crypto activity amounts to a trade or business rather than personal investment, your profits may be treated as taxable income.

IRAS assesses this on a case-by-case basis using investment patterns often referred to as the “badges of trade,” including:

• Frequency and volume of transactions
• Short holding periods
• Clear profit motive or intention to trade
• Use of borrowed funds or leverage
• Organised or systematic approach to trading

If classified as business income, individuals face progressive personal income tax rates, currently up to 24% for residents based on chargeable income brackets from YA 2024 onwards. Companies are taxed at a flat corporate rate of 17%.

Crypto in Singapore: Key Tax Rules You Should Know

Conclusion: What’s Next for Crypto in Singapore

Singapore’s crypto ecosystem continues to evolve rapidly, reinforcing its position as one of the world’s leading digital asset hubs.

Following announcements at the 2025 Singapore FinTech Festival, MAS will publish draft stablecoin legislation and run tokenised bill trials in 2026, further strengthening the framework with a focus on reserve backing.

With the Financial Services and Markets Act (FSMA) provisions now fully in effect, digital token service providers face stricter requirements, including a minimum base capital of S$250,000, mandatory Singapore-based compliance officers, and annual audits. Singapore is also expanding its infrastructure to support cross-border tokenised asset flows through initiatives such as Project Guardian.

If you are exploring Singapore’s crypto ecosystem, a Ledger signer offers a stronger way to participate with self-custody and long-term protection for your digital assets and identity.

Frequently Asked Questions

Is Crypto Legal in Singapore?

Yes, cryptocurrency is legal in Singapore. The FSMA requires Digital Token Service Providers to be licensed by MAS, and providers face restrictions on how they market services to the general public.

Can You Mine Crypto in Singapore?

Crypto mining is legal, and there are no specific restrictions mentioned here, although high electricity costs may make it uneconomical for many individuals. Mining profits may be subject to income tax, and a MAS licence may be required if the activity involves transmitting or exchanging digital payment tokens.

How to Buy NFTs in Singapore

Singapore has no NFT-specific legislation. Instead, MAS takes a substance-over-form approach, which means the regulatory treatment of an NFT depends on the characteristics of the underlying asset rather than the label attached to it.

If an NFT functions as a capital markets product, for example by representing rights to a share portfolio or forming part of a collective investment scheme, it may be regulated under the Securities and Futures Act (SFA). However, if an NFT simply represents digital artwork or a collectible, it is less likely to be treated as a financial product and will instead fall under general principles of contract and intellectual property law.

Popular NFT marketplaces accessible from Singapore include OpenSea, Rarible, and Mintable.