List of Approved Crypto Exchanges in Singapore

Singapore is one of the crypto-friendly countries worldwide. Although owning and trading cryptocurrencies is entirely legal in Singapore, the government frowns at any money laundering activities tied to activities on crypto exchanges. Regarding this, the Monetary Authority of Singapore (MAS) aims to regulate crypto exchanges by establishing standards they must compile to operate legally in the country.

In addition, MAS also has some specific laws, including anti-laundering regulations to prevent money laundering and activities that expose Singaporeans to security risks through crypto exchanges. MAS also approves crypto exchanges licensed to operate in the country. The regulatory authority has criteria they consider to approve crypto trading platforms. This article explores this criteria and the list of approved crypto exchanges in Singapore.

Criteria for Approval of Crypto Platforms in Singapore

Here's an overview of the criteria a crypto exchange Singapore must meet before being approved to provide crypto services in Singapore.

1. Registration with the Monetary Authority of Singapore (MAS): The Singapore government established that all crypto exchanges must be registered with the MAS to operate legally.

2. Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) policies: To guard against money laundering and other criminal and illegal activities, all exchanges willing to operate in Singapore must follow the AML and CTF policies.

3. Know-Your-Customer (KYC) requirements: Crypto exchanges that don't enforce KYC do not align with the laws and regulations of Singapore and appear poised to support illegal activities.

4. Cybersecurity measures: All crypto exchanges must establish strong cybersecurity measures to protect their users' data and assets from cyber-attacks.

5. Financial stability: If a crypto exchange does not have enough financial stability, it puts its users at risk. Crypto exchanges must have enough financial resources to operate seamlessly and ensure users' funds are safe.

6. Compliance with regulations: The best crypto exchange Singapore complies with all relevant crypto laws and regulations in Singapore.

Approved Crypto Exchanges

Here's a detailed list of the approved crypto exchanges in Singapore.

MetaComp

MetaComp was founded in 2018 as a subsidiary of MetaVerse Green Exchange, a fintech firm that provides end-to-end Carbon-as-a-Service solutions. MetaComp is a digital asset exchange platform with the vision to bridge digital assets and traditional financial services. The Nasdaq trading engines power the exchange, which runs on the cloud.

MetaComp is among the few approved crypto exchanges in Singapore. It started its application to be MAS approved in 2019 and was only recently granted the license in December 2022. Compared to other exchanges that have secured their licenses years before, MetaComp is a relatively new crypto exchange for Singapore users.

It might take a while for investors to consider it a preferred option, but as of the moment, users can rest assured the platform is free of security threats that can put their trading at risk. MetaComp might not be the most popular exchange in Singapore as it has just been introduced to the market, but with constant innovation, it might become a leading exchange in the country.

Independent Reserve

Independent Reserve is a reputable crypto exchange, and we have chosen it as the best crypto exchange in Singapore. The Singaporean government has licensed and regulated it to ensure user safety. The Independent Reserve offers over 20 virtual assets with low fees, buoyant liquidity and fast bank transfers. You'll also find additional features like API integrations, varying fees, and institutional support.

The exchange is one of the oldest crypto exchanges, operating since 2013. It is highly recommended because it adheres firmly to government rules and regulations. One fun fact about the Independent Reserve is that it was the first crypto exchange licensed by the Monetary Authority of Singapore (MAS).

It has a flat trading fee of 0.5% fee with discounts depending on trading volume. Users pay zero fees on deposits and withdrawals for amounts over SG$ 1,000. Customer support at the Independent Reserve is open 24/7 via live chat and email. Overall, the crypto exchange has the best security features and features for Singaporeans.

Coinhako

Coinhako is a popular Singapore crypto exchange you should consider as an alternative to Independent Reserve if you're a retail investor interested in trading a wide range of crypto coins. Coinhako is licensed to operate in Singapore and has been proven to meet all safety and security checks. Superwallet is a peculiar Coinhako service that sets it apart from competitors. Users can use the wallet to store and trade over 100 cryptocurrencies.

Further, Coinhako has a specialized loyalty rewards program for consistent and long-term users. You'll find multiple payment methods that you can use to fund your account. The crypto exchange charges a flat trading fee of 1% and offers free deposits and withdrawals for SGD transfers. Users can relay any issues with the app or transactions to customer support through the live chat and email available on the app. Now in its tenth year in the crypto industry, Coinhako has risen to be among the top go-to crypto apps for those looking to buy, sell, and swap cryptocurrencies in Singapore.

Crypto.com

Crypto.com is one of the best crypto exchanges in Singapore with over 10 million users globally. It's among the top-ranked because it is known for regulatory compliance, providing high-quality custodial insurance, and verified proofs-of-reserves.

In addition, Crypto.com provides over 250 crypto coins for Singapore investors to buy, sell and trade. Crypto.com collaborated with Visa Card to offer a crypto-based card with up to 5% cashback on all spending. No annual fees are involved, and users can choose to top up with cryptocurrency or fiat currency.

Crypto.com also provides passive income streams like Crypto Earn, which users can use to earn yields on about 20 crypto coins and stablecoins. It charges a flat trading fee of 0.6% on transactions and offers free deposits and withdrawals for SGD transfers. Overall, crypto com has been able to commit to this promise of providing top-tier security, regulations compliance and quality user experience to users in Singapore.

Gemini

Gemini is seen as one of the top crypto exchanges in Singapore due to its focus on building trust, security, and transparent proof-of-funds for liquidity staking and compliance. Gemini is SOC 1 Type 2 and SOC 2 Type 2 compliant, meaning that the exchange complies with the highest user security and data protection standards.

Gemini has passed all verification checks and is licensed by the Monetary Authority of Singapore (MAS). The crypto exchange's storage system was developed by world-class security engineers and experts, providing users with the highest level of security.

Gemini supports over 120 cryptocurrencies And has a premier NFT marketplace, Nifty Gateway, which allows users to buy, sell, and store non-fungible tokens. It has a flat trading fee of 1. 49% and offers free deposits and withdrawals for SGD transfers. Further, you can contact customer support via their live chat or email. Overall, Gemini has a range of products, including a mobile app, an exchange, a trading platform, a wallet, and a stablecoin.

Comparison of Approved Exchanges in Singapore

Below is a table to compare the approved exchanges using metrics like fees, security, number of cryptocurrencies available, and user experience.

Each crypto trading platform Singapore has unique features from others. For example, the Independent Reserve is native to Singapore, whereas crypto.com and Gemini provide services to a global community. If you consider low fees and high-security big factors in choosing a crypto exchange, we recommend the Independent Reserve as the best exchange for trading crypto coins in Singapore.

The Importance of Trading with Approved Crypto Exchanges in Singapore

Crypto exchanges are your gateway to successful trading and investing in cryptocurrencies. Hence, knowing how to choose from the top crypto exchanges in Singapore with a valid license is essential. Investors and traders that opt to trade on an exchange without a license from the Monetary of Singapore risk losing their assets due to government actions to shut down such exchanges.

The best exchanges have deep liquidity, high security, and low fees, as seen in the Independent Reserve, Coinhako, Crypto.com, Gemini, and MetaComp. Bitcoin miner hosting is another way to earn yields on crypto mining as a Singaporean. It's simple and easy to begin, and you don't need to buy equipment to start.