The Singapore subsidiary of Sygnum, a digital asset bank, has become the latest to obtain in-principal approval for a Major Payment Institution Licence (MPIL) from the Monetary Authority of Singapore (MAS).
Sygnum Gains In-Principal Singapore License
The in-principal license was awarded to Sygnum Singapore, thus putting it closer to becoming a regulated crypto brokerage service. Once the full license is obtained, the company can offer a range of crypto services, including digital payment token services, along with cross-border and domestic money transfer services.
"This in-principle approval of our Major Payment Institution Licence by the MAS is a milestone in our strategic growth plans for Sygnum Singapore and South-East Asia," said Gerald Goh, Sygnum's Co-Founder and CEO of Singapore. "Like Switzerland, Singapore has a progressive, robust regulatory framework that provides investors the clarity and confidence to invest in digital assets – and Future Finance – with complete trust."
Sygnum became one of the first two Swiss crypto companies to receive a banking license from the Swiss Financial Market Supervisory Authority (FINMA). This license allows the company to issue, store, trade, and manage digital assets like Bitcoin and Ethereum and offer other digital currency-related services.
Along with its presence in Switzerland, the company expanded its global base and gained a capital markets license in Singapore, forming the local subsidiary Sygnum Singapore in 2019.
The Singapore-based platform provides a fiat-digital asset gateway and trade execution for various cryptocurrencies. It stressed offering competitive spreads, deep liquidity, and fast trade settlements.
The Asian Crypto Hub
With its clear rules around cryptocurrency operations, Singapore is attracting several other established crypto companies. Apart from Sygnum, many other crypto firms have obtained crypto licenses from the MAS.
Most recently, stablecoin issuer Circle gained an MPI license from the city-state. Crypto.com, Blockchain.com, Coinbase, and Paxos also obtained the same license, cementing their position in Southeast Asia.
Meanwhile, Singapore's MAS proposed heavy restrictions on retail cryptocurrency trading and limitations in the circulation of stablecoins. The proposed regulations are still in the consultation stage.
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This article was written by Arnab Shome at www.financemagnates.com.
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