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Choose a crypto custodian in Singapore by verifying the exact contracting entity and its relevant MAS status, then comparing how it safeguards assets, controls transfers, handles insolvency and charges for the service you need. A licence is a regulatory threshold—not a security rating, a guarantee of recovery or proof that a firm offers custody to your type of customer.
Start by defining the custody service you need
“Crypto custodian” can describe different services, and a provider listed for digital payment token (DPT) services does not necessarily offer standalone custody to every customer group. Retail customers, accredited investors and institutional treasuries may have different eligibility, service options and contract terms. Before comparing firms, write down which assets you need held, who will use the account, how often you expect to move assets and what transfer approvals or reporting your organisation requires.
Also separate custody from related services. If trading, lending, staking or settlement is bundled with custody, ask which entity provides each service and which terms apply to each activity. The arrangement matters: do not assume a product described as “custody” has the same asset treatment or risks as another provider’s service.
Verify the legal entity and relevant MAS status
Search the Monetary Authority of Singapore’s (MAS) Financial Institutions Directory by institution, licence type or activity. Match the directory entry to the legal entity named in the custody agreement and the entity shown in the transfer instructions. A familiar group name is not enough: scammers may impersonate regulated firms, and a group’s status does not by itself establish that the contracting entity or specific service is covered.
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Check the live directory entry and ask the provider to confirm in writing that the listed entity is the one providing the service and that the relevant DPT activity covers your intended arrangement. Verify the service itself in the contract; directory status alone does not prove that a provider offers standalone custody, supports your customer category or holds the assets you intend to deposit.
On 9 October 2026, the directory filter for “Digital Payment Token Service” displayed 38 results, all classified as Major Payment Institutions. This is a dated snapshot, not a permanent count or endorsement; use the live directory for a current check.
Understand what the licence does—and does not—tell you
Singapore’s Payment Services Regulations contain additional requirements for licensees providing DPT services. Depending on the applicable provision and arrangement, those requirements address separate customer-asset book entries, safeguarding, records, risk systems and controls, and reasonable measures to maintain the integrity and security of means used to safeguard DPT instruments. A trust-account arrangement can also involve suitability requirements for a safeguarding person. These rules do not mean every provider uses an identical custody design.
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MAS distinguishes Standard Payment Institution (SPI) and Major Payment Institution (MPI) licences. Its licensing page, last updated on 2 September 2024, listed SPI thresholds of S$3 million in monthly transactions for one payment service, S$6 million in monthly transactions for two or more services, or S$5 million in daily outstanding e-money, with stated exclusions. Providers exceeding the applicable thresholds should apply for an MPI licence. These are licensing thresholds, not consumer-protection grades or measures of custody security; check the current MAS page and law before relying on the figures.
There is a separate overseas-only regime to keep distinct from services to Singapore customers. In June 2025, MAS clarified that, from 30 June 2025, 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, and that MAS would generally not issue licences for those models. Providers serving Singapore customers were already regulated under applicable existing laws, including the Payment Services Act for DPT services. Do not use the overseas-only regime to infer the status of a provider serving Singapore customers.
Compare how each provider safeguards assets and controls access
Ask every candidate the same questions and request written answers for the exact service and assets you plan to use. Treat operational details as due-diligence questions, not as controls guaranteed by a licence.
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| Area | What to verify |
|---|---|
| Segregation and safeguarding | Are customer assets kept separate from the provider’s own assets? What safeguarding or trust arrangement applies to your service, and who is the safeguarding person if one is used? |
| Reconciliation and records | How often are customer entitlements reconciled against on-chain holdings and internal records? What records can customers obtain? MAS identified daily reconciliation and proper books and records among measures discussed in its investor-protection package. |
| Keys and transfers | Which people, systems or third parties can authorize or execute transfers? Ask about approval thresholds, separation of roles, authentication, withdrawal allow-lists and delay controls. Singapore’s rules require reasonable measures to maintain the integrity and security of safeguarding means, but the cited provisions do not establish that each of these particular controls is mandatory for every arrangement. |
| Custody independence | Is the custody function operationally independent from trading, lending or other business units? MAS identified independence of the custody function among measures in its investor-protection package. |
| Incidents and continuity | What is the incident-notification process, backup and recovery approach, service-availability commitment and customer-support route? Request documented details rather than assuming a licence guarantees a recovery time. |
| Assurance and insurance claims | Request independent audit or assurance material and check its date, scope and exclusions. An audit or attestation is not a guarantee. If a provider says assets are insured, ask for the policy, covered events, limits, exclusions and who benefits. |
Read the agreement for ownership, withdrawal and failure terms
The operational description is only part of the decision. Read the custody agreement and related disclosures for the legal and practical consequences of holding assets with the provider. Pay particular attention to:
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- who holds legal title and what beneficial interest the customer retains;
- whether assets may be rehypothecated, lent, staked or placed with a sub-custodian, and whether separate consent is required;
- how forks and other asset events are handled;
- when withdrawals may be suspended and what happens if the service terminates;
- how customers assert claims and seek access to assets if the provider becomes insolvent; and
- what customer notices and support are available during an incident or recovery process.
MAS has warned that safeguarding and segregation can reduce the risk of loss, but do not eliminate insolvency risk. In its 3 July 2023 statement, MAS said: “While the segregation and custody requirements will minimise the risk of loss of customers’ assets, consumers may still face significant delays in recovering their assets in the event of insolvency of the service providers.” A trust or segregation arrangement is therefore not a promise of full or immediate access after failure.
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The official sources cited here do not provide current, comparable provider-specific custody rates. Ask for a dated written quote based on the same assets, balance, transaction pattern, customer type and service level for every candidate. Separate custody charges from exchange, settlement and network costs.
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| Cost line | Ask the provider to specify |
|---|---|
| Custody charge | Whether it is flat, asset-based, tiered or negotiated; the billing frequency; and the assets or balance used in the calculation. |
| Minimums and onboarding | Account or minimum-balance requirements, setup charges and onboarding costs. |
| Deposits, withdrawals and transfers | Each applicable charge, any network cost passed through, and who sets that cost. |
| Trading and settlement | Whether trading is bundled; if not, the separate transaction or settlement charges. |
| Users and service features | Charges for additional users, approval policies, reporting, API access or institutional service levels. |
| Exit and recovery | Account-closure, migration or asset-recovery charges, plus any conditions that could delay an exit. |
| Taxes and third parties | Whether the quote excludes taxes or third-party charges. |
Record the quote date and assumptions beside each offer. If a provider will not put the full schedule and applicable assumptions in writing, you cannot make a reliable all-in comparison.
Treat lending and staking as a separate risk decision
Custody does not make a yield feature risk-free. MAS said in its 2023 investor-protection statement that 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. The customer category and provider role matter; check the current rules and the exact product terms rather than assuming the same availability or treatment applies to everyone.
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Make the decision using evidence, not a single label
- Define your use case. Specify customer category, assets, expected transfers, required approvals and reporting.
- Confirm the provider. Match the contracting entity and transfer-instruction entity to the live MAS directory entry, then confirm the relevant activity and service in writing.
- Compare safeguards. Use the same questions for each provider on segregation, reconciliation, transfer controls, custody independence, continuity and assurance.
- Review failure and product terms. Check ownership, sub-custody, rehypothecation, yield features, withdrawal suspension, termination and insolvency provisions.
- Normalize costs. Compare dated quotes using identical assumptions, including transfer, service, exit and third-party charges.
- Keep the evidence. Retain the directory check, contract version, written answers and fee schedule that informed your decision.
MAS warns that DPT activity is highly risky and speculative, that regulation alone cannot protect consumers from all losses, and that unregulated entities—including overseas entities—pose risks. A careful custody review can clarify the legal entity, asset treatment and operational arrangements; it cannot remove the underlying risks of digital assets or guarantee recovery.
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