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Egypt vs Singapore

Crypto regulation comparison

← Back to map | Egypt | Singapore
Egypt

Egypt

Singapore

Singapore

Restricted
Legal

Egypt heavily restricts cryptocurrency. The Central Bank of Egypt prohibits banks from dealing in or facilitating crypto transactions, and a 2018 Dar al-Ifta fatwa declared crypto trading haram. However, Egypt's 2020 banking law created a framework that could eventually allow regulated crypto under CBE licensing.

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 No No
Exchanges Yes Yes
Mining No No
Mining Yes Yes
Regulator Central Bank of Egypt (CBE), Dar al-Ifta
Regulator MAS (Monetary Authority of Singapore)
Stablecoin Rules Not applicable under current restrictions
Stablecoin Rules MAS-regulated stablecoin framework (2023); SG-dollar stablecoins must meet reserve and disclosure requirements
Key Points
  • CBE prohibits banks and financial institutions from dealing in cryptocurrency
  • Dar al-Ifta issued a 2018 religious ruling (fatwa) against crypto trading
  • 2020 Central Bank and Banking Sector Law requires CBE approval for any crypto activity
  • Creating or operating a crypto platform without CBE license is illegal
  • Despite restrictions, Egypt has significant peer-to-peer crypto activity
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