Company incorporation in Singapore: Setting up a crypto or web 3 business


Singapore has been a global business hub for various industries, as the country offers a range of benefits for businesses looking to expand in Asia. Regulatory clarity, business infrastructure, and proximity to other Southeast Asian markets makes it a top destination for entrepreneurs and business owners. The same can be said for crypto, blockchain and web 3, which continues to grow its presence in the country.


Singapore has been a global business hub for various industries, as the country offers a range of benefits for businesses looking to expand in Asia. Regulatory clarity, business infrastructure, and proximity to other Southeast Asian markets makes it a top destination for entrepreneurs and business owners. The same can be said for crypto, blockchain and web 3, which continues to grow its presence in the country.

However, the speed at which Singapore has regulated the industry, in the form of the Payment Services Act 2019, has it often misunderstood as difficult to navigate and unaccepting of crypto, blockchain and web3 businesses. Many foreign entrepreneurs come to Singapore with a belief that they will have to go through a different incorporation process, be subjected to immense regulatory scrutiny, or even be running a business that is illegal in the country.

This is far from the truth, as the approach of regulating the industry and constant dialogues with the industry by regulatory authorities, has Singapore as one of the most conducive environments to manage a crypto, blockchain, and web 3 businesses – as long as the are compliant with regulatory requirements in Singapore.

Key considerations when setting up a crypto, blockchain and web 3 business in Singapore

1. Business incorporation requirements

Like any other incorporated business in Singapore, as stipulated by the Companies Act 1967,  you must fulfil the following requirements to operate:

  1. A corporate secretary – appointed within 6 months of incorporation
  2. A local company address
  3. Paid up capital
  4. A local director

2. Regulatory fit in Singapore

Since as early as 2020, Singapore has had a clear regulatory direction for the crypto, blockchain and web 3 industry. This makes it simpler for businesses to know whether their activities are permitted.

The Payment Services Act 2019, for example, was published on 28 January 2020. The act necessitates that cryptocurrency businesses be licensed under the act to provide Digital Payment Token (DPT) services in Singapore. At this time of writing (25 March 2024), 18 licences have been given to such businesses.

Regulatory authorities also takes a collaborative approach with the industry before enacting any new regulatory frameworks, by inviting industry experts to make suggestions and contributions around proposed frameworks, such as:

  1. Consultation Paper on Proposed Regulatory Measures for Digital Payment Token Services – Started on 26 October 2022
  2. Consultation Paper on Proposed Measures on Market Integrity in Digital Payment Token Services – Started 03 July 2023

Crypto, blockchain or web 3 businesses can check against the existing framework(s) and proposed ones before deciding if their activities fit in Singapore.

3. The right business structure

Once you have sorted the above, it will also be essential to determine the most suitable business structure. In Singapore, entrepreneurs commonly opt for either a private limited company or a limited liability partnership (LLP). A private limited company offers limited liability protection to its shareholders and is the preferred choice for many crypto, blockchain and web 3 businesses due to its flexibility and scalability.

**For professional legal advice, kindly consult with a qualified attorney at law. Connect with us for more information on this.

4. Leveraging Government Support and Incentives

Singapore’s government actively supports innovation and entrepreneurship, offering various grants, tax incentives, and funding schemes to help startups thrive. Entrepreneurs in the crypto, blockchain and Web 3 can take advantage of initiatives such as the Financial Sector Technology and Innovation (FSTI) scheme, the Monetary Authority of Singapore (MAS) Fintech Regulatory Sandbox, and the Global Innovation Alliance (GIA), and more, to access funding, mentorship, and market expansion opportunities.

Work with a partner that has the knowledge and network to navigate crypto in Singapore with Berru.co

At this time of writing (25 March 2024), crypto, blockchain, and web 3, can still be considered fairly new technologies. There is certainly still a knowledge gap in the market when it comes to business administration. With the growth in popularity of cryptocurrencies, it is, however, becoming increasingly important that businesses know how to file with governments around the world – including their on-chain activity. 

When choosing a partner to assist you with your business administrative needs in Singapore, you want to be sure that they will be able to facilitate all necessary government filings for you.

Moreover, our team brings a strong mix of experience from the crypto, blockchain and web 3 space, paired together with financial knowledge. 

Berru.co will be able to assist you with all your business administrative needs in Singapore and direct you to the right personnels via networks we have built over the years, to help you operate out of Singapore smoothly. 


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