Sygnum Singapore, a subsidiary of Switzerland-based cryptocurrency bank Sygnum, has received a license to offer crypto brokerage services to accredited investors and institutions in Singapore.
Singapore Grants Major Payment Institution License to Sygnum Bank Subsidiary
Today, Sygnum Singapore announced that it has received a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). A spokesperson for Sygnum Singapore explained that the company went from in-principle approval to full license within four months.
It was also announced that the company plans to expand its regulated offering to Asia-Pacific (APAC) markets such as Hong Kong. “Obtaining the MPI license enables us to offer more of Sygnum's fully regulated crypto offerings to our customers in Singapore,” the spokesperson said.
Sygnum manages approximately $3.5 billion in assets under management in more than 60 countries, with crypto footprints in Luxembourg and Abu Dhabi.
On October 1, Coinbase announced that its MPI license application was approved by MAS. MPI licensed firms are authorized to operate payment services without being subject to a transaction limit of 3 million Singapore dollars ($2.2 million) for any payment service.
“We have identified Singapore as a vital market for Coinbase,” said the exchange, emphasizing that in its latest survey, more than 30% of Singaporeans were found to be current or past crypto holders.
*This is not investment advice.