Singapore awards major payment institution license to Sygnum Bank subsidiary

Sygnum Singapore, a subsidiary of Switzerland-based cryptocurrency slope Sygnum, received a licence to connection crypto brokerage services to accredited investors and institutions successful Singapore.

On Oct. 3, Sygnum Singapore announced it acquired a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS). Speaking to Cointelegraph, a Sygnum Singapore spokesperson revealed that the institution transitioned from in-principle support to a afloat licence wrong 4 months.

Sygnum Singapore secured in-principle regulatory approval to connection 3 further regulated activities nether its superior markets services licence successful March 2022. The institution caters to organization investors, firm clients, high-net-worth individuals and different fiscal institutions. Speaking astir the latest MPI licence approval, the Sygnum Singapore spokesperson stated:

“This further Licence enables america to widen our work offering to besides connection DPT [digital outgo token] trading services to our clients.”

It was besides revealed that the institution plans to grow its regulated offering to the Asia-Pacific (APAC) markets, specified arsenic Hong Kong. “Receiving the MPI licence allows america to bring much of Sygnum’s suite of afloat regulated crypto offerings to our clients successful Singapore,” the spokesperson told Cointelegraph.

Sygnum manages astir $3.5 cardinal successful assets nether absorption crossed implicit 60 countries, having crypto footprints successful Luxembourg and Abu Dhabi.

Related: Crypto liquidity supplier GSR receives regulatory support successful Singapore

On Oct. 1, Coinbase announced the approval of its MPI license application from the MAS. As Cointelegraph antecedently explained, MPI-licensed firms are authorized to behaviour outgo services without being subjected to transaction limits of 3 cardinal Singapore dollars ($2.2 million) for immoderate outgo service.

“From our archetypal engagement successful the Lion City, we’ve identified Singapore arsenic a captious marketplace for Coinbase,” the speech noted successful the announcement, stressing that much than 30% of Singaporeans were recovered to beryllium existent oregon past owners of crypto successful its caller survey.

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

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