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Hi Wee Hock,
It’s advisable to have a license if you want to do publicly but to set up one, it is definitely not easy. MAS has tightened this aspect and it’s very difficult to apply for such license in Singapore. If you’ve close group of people (i.e. your family) that trusts you, it should not be a problem since you can treat it as an investment vehicle bearing in mind that you’d need to pay tax for capital gain (v.s. no capital gain for personal holdings). Other than that, I’d encourage you to consult your lawyer friends about it.