Sygnum Singapore, a subsidiary of cryptocurrency bank Sygnum, has obtained a license to offer crypto brokerage services to accredited investors and institutions in Singapore. The company acquired a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) in just four months, allowing it to extend its service offerings to include digital payment token (DPT) trading services. Sygnum Singapore plans to expand its regulated offerings to other markets in the Asia-Pacific region, such as Hong Kong. With nearly $3.5 billion in assets under management, Sygnum operates in over 60 countries, including Luxembourg and Abu Dhabi.
This news comes shortly after Coinbase also announced its approval of an MPI license from MAS, enabling the exchange to conduct payment services without transaction limits. Coinbase sees Singapore as a crucial market, given that over 30% of Singaporeans are either current or previous owners of cryptocurrencies according to their recent survey. The acquisition of MPI licenses by both Sygnum Singapore and Coinbase reflects the growing significance of Singapore in the crypto industry and highlights the increasing demand for crypto-related services in the region.
The approval of the MPI license allows Sygnum Singapore to further expand its cryptocurrency brokerage services, particularly in the area of digital payment token trading. The company aims to cater to institutional investors, corporate clients, high-net-worth individuals, and other financial institutions. With plans to extend its offerings to other Asia-Pacific markets in the future, Sygnum Singapore is poised to capitalize on the rising popularity of cryptocurrencies in the region. By obtaining regulatory approval and establishing itself as a trusted provider, Sygnum Singapore is positioning itself as a key player in the cryptocurrency landscape in Singapore and beyond.
