Singapore has moved beyond the pilot stage of fund tokenisation.
Several tokenised funds are already live and trading on regulated platforms, and since November 2025 the market has had a MAS-authorised, retail-eligible fund whose share register is maintained on-chain.
For managers, the focus now is on structuring tokenisation well.
It starts with a simple principle: classify first, then engineer. Singapore has no tokenisation-specific licence or product code, so the legal and operational work concentrates on four questions. Where can the register of ownership sit? What counts as a valid transfer? Who controls the cryptographic keys? What settles against what?
Our field guide follows those questions through custody, issuance, and trading, and sets out where adjacent legislation may apply. It also takes a clear-eyed view of what remains unresolved, because those are the points that matter most when structuring a fund.
Inside the guide
A side-by-side comparison of conventional and tokenised funds
The four register models, and the open legal questions around each
Three fund structures in use: the feeder fund, the tokenised special purpose vehicle, and the Variable Capital Company (“VCC”)
The regulatory perimeter, including where other legislation may apply
What to watch for next in Singapore, and how it compares with Hong Kong
Appendix A: a phase-by-phase roadmap for launching a tokenised Singapore VCC
Appendix B: the digital transfer agent model, with the blockchain holding the ownership register and the investment book of record and transfer agency functions kept off-chain
Whether you are exploring tokenisation for the first time or planning your next launch, this guide gives you a structured starting point.
