Sygnum Singapore Receives License to Offer Crypto Brokerage Services
Sygnum Singapore, a subsidiary of Switzerland-based cryptocurrency bank Sygnum, has obtained a license to provide 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) on October 3. The transition from in-principle approval to a full license took just four months.
Expanding Regulated Offerings
In March 2022, Sygnum Singapore received in-principle regulatory approval to offer three additional regulated activities under its capital markets services license. The company serves institutional investors, corporate clients, high-net-worth individuals, and other financial institutions. With the MPI license approval, Sygnum Singapore can now provide digital payment token trading services to its clients. Additionally, the company plans to expand its regulated offerings to other Asia-Pacific markets such as Hong Kong.
Growing Presence and Assets Under Management
Sygnum manages assets worth nearly $3.5 billion across over 60 countries. It has established crypto footprints in Luxembourg and Abu Dhabi. The company views Singapore as a vital market due to the high adoption of cryptocurrencies among its residents. According to a recent survey by Coinbase, over 30% of Singaporeans have owned or currently own crypto.
Hot Take: Sygnum Expands Reach with Singapore License
Sygnum’s acquisition of a license to offer crypto brokerage services in Singapore marks an important milestone for the company. With this regulatory approval, Sygnum can extend its suite of fully regulated crypto offerings to accredited investors and institutions in the country. The move also highlights the growing acceptance and adoption of cryptocurrencies in Singapore, making it a key market for companies like Sygnum. As Sygnum plans to expand its regulated offerings to other Asia-Pacific markets, it aims to tap into the region’s potential and cater to the increasing demand for crypto-related services.
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