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Singapore vs Vatican City

Crypto regulation comparison

← Back to map | Singapore | Vatican City
Singapore

Singapore

Vatican City

Vatican City

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.

Vatican City has no cryptocurrency regulation. The micro-state's financial system is focused on the Holy See's financial activities. ASIF provides financial oversight.

Tax Type Varies
Tax Type None
Tax Rate 0%-24%
Tax Rate N/A
Exchanges Yes Yes
Exchanges No No
Mining Yes Yes
Mining No No
Regulator MAS (Monetary Authority of Singapore)
Regulator ASIF (Supervisory and Financial Information Authority)
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
  • ASIF provides financial oversight for the Holy See
  • Micro-state with very limited financial market
  • No crypto exchanges or services
  • AML/CFT framework aligned with international standards
Sources
Sources
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