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Andorra vs Singapore

Crypto regulation comparison

← Back to map | Andorra | Singapore
Andorra

Andorra

Singapore

Singapore

Legal
Legal

Andorra enacted the Digital Assets Act (Law 24/2022) providing a comprehensive framework for crypto. The AFA licenses exchanges, custodians, and stablecoin issuers. Aligning with EU MiCA.

Singapore is a leading global crypto hub with a comprehensive regulatory framework under the Payment Services Act (PSA) 2019, amended in 2022. MAS licenses Digital Payment Token (DPT) service providers for AML/KYC compliance and consumer protection. Singapore has no capital gains tax, making it attractive for crypto businesses and investors. However, MAS has progressively tightened retail investor protections, restricting crypto advertising and requiring risk warnings. Short term trading gains is considered income and taxed as such.

Tax Type Unclear
Tax Type Varies
Tax Rate N/A
Tax Rate 0%-24%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator Andorran Financial Authority (AFA)
Regulator MAS (Monetary Authority of Singapore)
Stablecoin Rules Regulated under Digital Assets Act with specific stablecoin licenses
Stablecoin Rules MAS-regulated stablecoin framework (2023); SG-dollar stablecoins must meet reserve and disclosure requirements
Key Points
  • Digital Assets Act (Law 24/2022) effective Oct 2022
  • AFA licenses and regulates all digital asset service providers
  • Three categories of stablecoins with specific licensing requirements
  • Low electricity costs make mining attractive
  • Aligning regulations with EU MiCA framework
Key Points
  • Payment Services Act (PSA) 2019 provides licensing for Digital Payment Token (DPT) services
  • MAS issues Major Payment Institution (MPI) and Standard Payment Institution (SPI) licenses for crypto
  • No capital gains tax on crypto for individuals; trading profits may be taxed if deemed business income
  • MAS introduced stablecoin regulatory framework in August 2023 for SG$-pegged stablecoins
  • Strict retail investor protection: crypto advertising restricted, no incentives for trading
Sources
Sources