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Singapore vs Tonga

Crypto regulation comparison

← Back to map | Singapore | Tonga
Singapore

Singapore

Tonga

Tonga

Legal
No Regulation

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.

Tonga has no specific cryptocurrency regulation. There has been legislative interest in adopting Bitcoin as legal tender but no legislation has been enacted.

Tax Type Varies
Tax Type None
Tax Rate 0%-24%
Tax Rate N/A
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator MAS (Monetary Authority of Singapore)
Regulator National Reserve Bank of Tonga
Stablecoin Rules MAS-regulated stablecoin framework (2023); SG-dollar stablecoins must meet reserve and disclosure requirements
Stablecoin Rules No stablecoin regulation
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
Key Points
  • No specific cryptocurrency legislation
  • Legislative interest in Bitcoin legal tender discussed
  • National Reserve Bank provides monetary oversight
  • Limited crypto infrastructure
  • No licensing framework for crypto services
Sources
Sources