Singapore: Asia’s crypto fund capital

Singapore has been the default home for crypto fund managers operating in Asia for several years now, and the gap has widened. The city-state offers a combination that’s hard to match: a well-established financial regulatory framework (MAS), favorable tax treatment for fund structures (the Section 13O and 13U tax exemption schemes), access to the fastest-growing economic region in the world (ASEAN), and a deep pool of family office capital.

As of late 2025, Singapore has over 600 MAS-regulated fund management companies and more than 1,284 registered Variable Capital Companies (VCCs), the fund vehicle structure Singapore introduced in 2020 specifically to attract fund domicile. Not all of these are crypto funds, but a growing percentage are. The number of crypto-focused or crypto-inclusive fund managers in Singapore has increased steadily since 2021, even through the 2022 bear market.

The character of Singapore’s crypto fund scene is different from New York or San Francisco. It’s less dominated by large institutional hedge funds and more populated by mid-size managers, multi-family offices with crypto allocations, proprietary trading firms, and Asia-focused VC funds that bridge Western capital with Southeast Asian projects. The city is a meeting point: global investors come to Singapore to access Asia, and Asian entrepreneurs come to Singapore to access global capital.

Notable Singapore-based crypto funds

A sample of prominent crypto funds headquartered in or operating significant teams out of Singapore:

Several globally known funds also have substantial Singapore operations. Pantera Capital, Dragonfly Capital, and Animoca Ventures all maintain Singapore offices. Three Arrows Capital was Singapore-based before its spectacular collapse in 2022, a failure that actually accelerated MAS scrutiny of crypto fund operations and contributed to the tighter regulatory posture the city now maintains.

The MAS regulatory framework

Singapore’s approach to crypto fund regulation is pragmatic. The Monetary Authority of Singapore (MAS) doesn’t have a separate “crypto fund” license. Instead, crypto fund managers operate under the same Securities and Futures Act (SFA) framework that governs all fund management in Singapore. If you manage a fund that invests in digital assets, you need a Capital Markets Services (CMS) license for fund management, the same license a traditional hedge fund manager needs.

For crypto-specific activities (operating an exchange, payment token services, custody), the Payment Services Act (PSA) applies. The PSA was substantially updated in 2024-2025 to create a clearer licensing framework for Digital Payment Token (DPT) service providers, including stronger AML/KYC requirements and customer asset segregation rules.

The Variable Capital Company (VCC) structure, introduced in 2020, has been a major draw. VCCs allow multiple sub-funds within a single entity, making them efficient for managers running parallel strategies. As of late 2025, over 1,284 VCCs have been registered. Starting January 2025, the tax exemption scheme (Section 13OA) was extended to limited partnerships, giving fund managers more structural flexibility.

Family offices and the Singapore investor base

One of Singapore’s distinctive features as a crypto fund hub is the concentration of family office capital. The number of single-family offices in Singapore grew to over 2,000 by 2024, a 21% increase from 2023. Singapore is home to half of Southeast Asia’s top family businesses through their family offices, according to the Economic Development Board.

Family offices have been significant allocators to crypto funds in the region. According to industry surveys, Asian family offices have allocated 15-30% of their portfolios to private investments, including crypto. The appeal is twofold: crypto offers diversification from traditional Asian assets (real estate, public equities, fixed income), and many family office principals, particularly from technology or trading backgrounds, have a personal affinity for digital assets.

This investor base shapes the kinds of crypto funds that thrive in Singapore. Family offices tend to prefer more accessible structures (lower minimums, more frequent liquidity) and value personal relationships with managers. They’re often willing to back emerging managers earlier than institutional allocators would, which is why Singapore has a healthy ecosystem of sub-$100M crypto fund managers that might struggle to raise in New York.

Southeast Asia beyond Singapore

Southeast Asia outside of Singapore is one of the world’s most active crypto regions by retail adoption. Vietnam consistently ranks among the top countries globally for crypto usage. Thailand, Indonesia, and the Philippines all have large retail crypto markets. But the institutional fund infrastructure in these countries is still developing.

Vietnam

Vietnam’s National Assembly passed the Digital Technology Industry Law in 2025, effective January 2026. This officially recognizes crypto assets, introduces licensing for blockchain startups, and creates the framework for the country’s first state-backed crypto exchange. Vietnam produces a disproportionate number of blockchain developers and crypto projects relative to its GDP, but most Vietnam-originated funds are domiciled in Singapore or Cayman for regulatory and tax reasons.

Thailand

Thailand introduced a five-year capital gains tax exemption for licensed crypto trading and has licensed over a dozen digital asset operators. The Securities and Exchange Commission (SEC) of Thailand regulates crypto fund activity. A few Thailand-based funds exist, but the market is smaller than Singapore or Hong Kong.

Indonesia

Indonesia has one of the largest retail crypto trading populations in Asia. The regulatory framework for institutional crypto funds is less developed, but the country’s new Commodity Futures Trading Regulatory Agency (Bappebti) framework for crypto assets is evolving. Most Indonesia-focused crypto fund managers operate from Singapore.

South Korea

South Korea’s Financial Services Commission (FSC) lifted its ban on institutional crypto trading in 2025, now allowing non-profits, listed companies, and professional investors to trade under regulated conditions. A roadmap for spot Bitcoin ETFs has been set. The Korean market is historically retail-dominated, but institutional participation is increasing. Hashed, one of Asia’s most active crypto VCs, operates from both Seoul and Singapore.

Singapore vs. Hong Kong

The two cities compete directly for crypto fund managers in Asia, and each has distinct advantages.

Singapore’s advantage is stability and predictability. Allocators know what to expect from MAS, and the regulatory framework doesn’t change based on political winds. Hong Kong’s advantage is ambition: since 2023, Hong Kong has been aggressively courting crypto businesses with a new licensing framework and retail access provisions. But Hong Kong’s relationship with mainland China introduces a layer of political uncertainty that makes some global allocators cautious.

In practice, many managers operate in both cities. Singapore for the fund vehicle and family office capital, Hong Kong for PRC-linked deal flow and traditional finance relationships. For a broader look at Hong Kong specifically, see our article on Hong Kong and Greater China crypto funds.