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Rwanda vs Singapore

Crypto regulation comparison

← Back to map | Rwanda | Singapore
Rwanda

Rwanda

Singapore

Singapore

Restricted
Legal

Rwanda is developing a comprehensive crypto regulatory framework. The NBR and Capital Markets Authority are drafting a law requiring VASPs to obtain CMA licenses. The draft law prohibits crypto as legal tender, bans mining and crypto ATMs, and imposes fines up to 30M RWF and imprisonment for unlicensed operators.

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 National Bank of Rwanda (NBR), Capital Markets Authority (CMA)
Regulator MAS (Monetary Authority of Singapore)
Stablecoin Rules Draft law prohibits crypto as payment; mining and crypto ATMs banned
Stablecoin Rules MAS-regulated stablecoin framework (2023); SG-dollar stablecoins must meet reserve and disclosure requirements
Key Points
  • Draft law requires VASPs to obtain licenses from Capital Markets Authority
  • Crypto prohibited as legal tender or payment method under draft law
  • Crypto mining, crypto ATMs, and mixer/tumbler services banned
  • Penalties include fines up to 30M RWF and up to 5 years imprisonment
  • Framework driven by FATF compliance on AML requirements
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