Key takeaways:
- Sygnum Singapore received a license to offer crypto brokerage services to accredited investors and institutions in Singapore.
- In March 2022, Sygnum Singapore obtained preliminary regulatory approval to provide three further regulated services under the terms of its capital markets services license.
A license was granted to Sygnum Singapore, a division of the Swiss-based cryptocurrency bank Sygnum, allowing it to provide crypto brokerage services to institutions and accredited investors in Singapore.
The Monetary Authority of Singapore (MAS) granted Sygnum Singapore a Major Payment Institution (MPI) license, according to an announcement made on October 3.
In March 2022, Sygnum Singapore obtained preliminary regulatory approval to provide three further regulated services under the terms of its capital markets services license. The business serves corporate clients, high-net-worth individuals, institutional investors, and other financial organizations. Sygnum’s co-founder and CEO in Singapore, Gerald Goh, says:
“The MAS is one of the most progressive regulators in the world when it comes to providing a clear and robust framework around digital assets. The most recent guidelines on stablecoins have shown the industry a well-defined path forward. We believe such developments will empower investors to increase their exposure to digital assets with complete trust.”
Additionally disclosed was the company’s intention to broaden its regulated service to Asia-Pacific (APAC) markets, including Hong Kong. Sygnum has crypto footprints in Luxembourg and Abu Dhabi and oversees assets worth nearly $3.5 billion across more than 60 nations.
MPI-licensed businesses are permitted to provide payment services without being constrained by transaction limitations of 3 million Singapore dollars ($2.2 million) for any payment service, according to Coinbase’s announcement on October 1 that the MAS had approved its application for an MPI license.
According to the exchange’s release, “from our initial involvement in the Lion City, we’ve identified Singapore as a vital market for Coinbase,” highlighting the fact that a recent survey revealed that more than 30% of Singaporeans are currently or have previously owned cryptocurrency.
In September, Due to alleged violations of the country’s securities laws, Singapore’s central bank issued nine-year restriction orders to Kyle Davies and Zhu Su. In its decision to restrict the two, MAS claimed that additional investigations into the bankrupt 3AC and its co-founders revealed other securities law violations.
