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North Korea vs Singapore

Crypto regulation comparison

← Back to map | North Korea | Singapore
North Korea

North Korea

Singapore

Singapore

Banned
Legal

North Korea does not allow civilian cryptocurrency use. The regime has been accused by the UN and US of using state-sponsored hacking to steal cryptocurrency to fund weapons programs.

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 None
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 North Korea
Regulator MAS (Monetary Authority of Singapore)
Stablecoin Rules Not applicable — crypto banned
Stablecoin Rules MAS-regulated stablecoin framework (2023); SG-dollar stablecoins must meet reserve and disclosure requirements
Key Points
  • No civilian cryptocurrency use permitted
  • State-sponsored crypto theft alleged by UN and US
  • Lazarus Group linked to major crypto exchange hacks
  • International sanctions restrict all financial activities
  • Cryptocurrency used by state actors, not civilians
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