Sygnum Singapore Secures License to Offer Crypto Brokerage Services and Plans Expansion
Summary:
Sygnum Singapore, a subsidiary of Sygnum, has received a license from the Monetary Authority of Singapore to offer crypto brokerage services to accredited investors and institutions. The firm transitioned from approval in principle to a full license in just four months and caters to institutional investors, corporate clients, high-net-worth individuals, and financial institutions. It also intends to extend its services to the Asia-Pacific region. Sygnum manages nearly $3.5 billion in assets across over 60 countries.
Sygnum Singapore, crypto banking giant Sygnum's subsidiary, has obtained a certification for providing digital currency brokerage services to qualified investors and establishments in Singapore. The company announced on October 3 that the Monetary Authority of Singapore (MAS) granted it the Major Payment Institution Licence (MPIL). A representative of Sygnum Singapore disclosed that the firm went from provisional endorsement to a comprehensive permit in a span of four months. In March 2022, Sygnum Singapore secured provisional regulatory sanction to propose three extra controlled activities under its capital market services (CMS) license. The company delivers its services to institutional backers, commercial consumers, well-off individuals, and other monetary organizations. The spokesperson mentioned that the newly achieved MPIL license will allow the company to extend its services to involve DPT trading services for its clients. Moreover, it was unveiled that the company is devising plans to extend its regulated services to the Asia-Pacific (APAC) region, such as Hong Kong. "Acquiring the MPIL empowers us to provide Sygnum's completely regulated digital currency services to our customers in Singapore," said the spokesperson to Cointelegraph. The firm administrates roughly $3.5 billion (3.2 billion Swiss franc) in Assets Under Management (AuM) spanning over 60 nations and maintains crypto establishments in Luxembourg and Abu Dhabi. On October 1, Coinbase reported the sanction of its Major Payment Institution (MPI) permit from the MAS. MPI-endorsed entities are permitted to execute payment services without getting limited by a transaction cap of 3 million Singapore dollars ($2.2 million) for any particular service. Coinbase, referring to its inauguration in Lion City, stated, "Singapore has always been a significant market for us," drawing attention to a recent survey that showed over 30% of Singapore's residents have owned or currently possess digital currencies.
Published At
10/3/2023 7:36:19 AM
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