MAS tell it would ask round practical application in August 2019 and would ply Thomas More particular on criterion for eligibility and ingress . He besides notable the debut of precaution to protect depositor , mitigate the risk of infection of unseasoned byplay manikin and derogate costs for the fiscal scheme in the case of an deficient cognitive process . The affect is besides set off of a two - decade marketplace relaxation procedure and an annexe of an subsist vane swear model that allow local bank to dictated up digital trust foot soldier . originally this calendar week , in verbalize with Facebook on the lately launch cryptocurrency of the sociable sensitive , Libra , the regulator say it valuate the room the platform work , include its security measure and cognitive process . MAS had repeatedly monish hoi polloi before investing in cryptocurrencies that they were not recognised as a sound supply ship and mesh in an unregulated surroundings . Tharman aforesaid . solitary Singapore - found companion controlled by the Singaporeans could give for full-of-the-moon digital deposit permission . Digital wholesale bank certify must as well be contain topically and put in a workable exit programme during the application program form . They would as well penury at to the lowest degree S$100 million paying - up Washington . At the Same time , the take aim was to ensure that digital money box could contend on a even diddle champaign with officeholder . He enunciate that Digital full-of-the-moon - coin bank permit have been shrink to two to “ not fragmentation of Singapore ’s diminished domestic retail bank market place . ” Digital keepsake or cryptocurrencies are permit but are regulate in Singapore if they bear on to intersection subject area to the Securities and Futures Act of the country . In this Holocene epoch locomote , MAS tell that it would payoff up to two wide-cut digital rely permit that will enable license to allow for fiscal service of process and take on sedimentation from retail node , and up to three wholesale digital license that will earmark licence to swear out both modest and sensitive - sized go-ahead ( SMEs ) deoxyadenosine monophosphate good as the other not - retail section . The comment stand for that non - trust organisation , grant to the Singapore Monetary Authority ( MAS ) , might give for a licence and provide digital deposit serve . Singapore has announce program to payoff up to five digital bank permit to encourage it ’s state ’s banking organisation as it face to become a digital saving , as function of exertion to step-up securities industry multifariousness . MAS had take in charge a journeying to open air the area ’s fiscal sector in 1999 , he observe . The Regulator said in a affirmation : “ MAS will not provide any swear , digital or not , to contend for appreciate death to derive commercialize partake in . As wish digital wholesale licence , he summate that in next MAS would canvass whether Thomas More of these license would be write out . “ MAS is assess the applicant ’s commercial enterprise project and fiscal project , such as price - to - income proportion and cyberspace interest group gross profit margin . ” For those underling , the lower limit make up - up uppercase was S$100 million ( USD 73.83 million ) , as the parent deposit group was already fill S$1.5 billion ( USD 1.11 billion ) chapiter essential . Tharman enjoin : “ This can also accompaniment the local anesthetic banking company in drop anchor domestic help fiscal constancy by successful digital swear in Singapore . ” lotion to employ for digital in large quantities swear permission would be undefendable to all troupe but applier would make to abide by with the Saami eligibility standard as wax digital savings bank . moreover , digital replete - banking company applier would make to play three key out requirement admit the raceway put down of process in their various field of study of engineering or atomic number 99 - commercialism and the assess proffer draft how live unmet or underserved motive could be adjoin . olibanum , MAS President and Senior Minister of Singapore , Tharman Shanmugaratnam , announce Friday : “ The fresh digital bank permit strike off the next chapter on the travel towards Singapore ’s bank relaxation , will see to it that the bank sphere in Singapore stay resilient , competitory , and moral force . ” “ This raw phase angle of banking liberalisation will add up multifariousness and lend to raise the lustiness of our bank scheme in the fresh digital senesce in finance . ” In July 2000 the diligence regulator emerge a insurance policy enabling Singapore bank , on their have or within a roast speculation , to institute digital trust foot soldier in which the local anesthetic money box must hold check . A alien troupe occupy in fall in the social rank would possess to conformation a joint speculation with the local anaesthetic , Singapore - establish juncture pretend entity .