Singapore is one of the most progressive jurisdictions in the financial services industry. The country has created optimal conditions for the development of the financial sector, and the government provides support and encourages innovation.

The SPI (Standard Payment Institution) license is a permit issued by the Singapore regulator for conducting financial transactions. The SPI license allows holders to provide any type of payment service, including cryptocurrency transactions. The license enables companies to work with clients from various countries and perform payment transactions in different currencies, providing an excellent opportunity for business expansion and attracting new customers.

Who is the SPI license suitable for

The license is ideally suited for small and medium-sized businesses that meet the following criteria:

• monthly transactions amounting to 3 million Singapore dollars for a single service (except for opening electronic money accounts and money exchange services);
• monthly transactions amounting to 6 million Singapore dollars for two or more payment services (except for issuing electronic money accounts and money exchange services);
• 5 million Singapore dollars in electronic money in circulation daily.

What are the requirements for obtaining an SPI license

The requirements for obtaining an SPI license set by the regulator in Singapore ensure compliance with high security standards and protect the interests of clients and legitimate transactions.

To obtain an SPI license, a company must meet the following criteria:

• be registered in Singapore or be a Singapore branch of a foreign company;
• have a registered office in the jurisdiction;
• have a minimum base capital of 100,000 Singapore dollars;
• appoint at least one person who will be present at the registered office to address any consumer issues;
• have one resident executive director or an executive director who holds a Singapore Employment Pass (EP) visa, and at least one other resident director;
• implement a risk management system specialized for cryptocurrency activities.

How to obtain an SPI in Singapore

If you have questions about the SPI license in Singapore, ask the specialists at IT-OFFSHORE! We will help you understand all the nuances and quickly obtain an SPI license.