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Latvia vs Singapore

Crypto regulation comparison

← Back to map | Latvia | Singapore
Latvia

Latvia

Singapore

Singapore

Legal
Legal

Cryptocurrency is legal in Latvia and regulated under the EU MiCA framework. Since 2023, the financial regulator FKTK merged into Latvijas Banka, which now oversees VASP registration and AML compliance. Capital gains from crypto are taxed at 20%. Latvia has been proactive in implementing EU-wide crypto standards.

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 Capital gains
Tax Type Varies
Tax Rate 20%
Tax Rate 0%-24%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator FKTK (Finanšu un kapitāla tirgus komisija) / Latvijas Banka
Regulator MAS (Monetary Authority of Singapore)
Stablecoin Rules Regulated under EU MiCA framework
Stablecoin Rules MAS-regulated stablecoin framework (2023); SG-dollar stablecoins must meet reserve and disclosure requirements
Key Points
  • VASPs must register with Latvijas Banka and comply with AML/CFT requirements
  • Capital gains from crypto taxed at 20% personal income tax rate
  • MiCA framework applies from December 2024, transitioning existing registrations
  • Latvia transposed the 5th Anti-Money Laundering Directive for crypto oversight
  • Latvijas Banka absorbed FKTK regulatory functions in January 2023
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