Acquiring A Major Payment License
SingaSwiss Sygnum cryptocurrency bank division has been granted a license to provide top-tier crypto brokerage services in the South Asian financial market. With the latest approval, the platform will cater to accredited investors and institutions in Singapore.
According to a recent report, Sygnum Singapore, a prominent financial player, has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The company’s spokesperson revealed the remarkable feat of moving from an initial in-principle approval to obtaining full consent in four months.
This significant development follows Sygnum Singapore’s request for in-principle regulatory approval to expand its offerings. The latest expansion will allow the company to serve many clients, including institutional investors, corporate entities, and high-net-worth individuals.
Sygnum Singapore’s commitment to regulatory compliance and provision of top-tier financial solutions solidifies its position as an industry leader in Singapore’s thriving economic landscape, according to the spokesperson.
Furthermore, Sygnum Singapore has revealed plans to broaden its regulated services to include the dynamic Asia-Pacific (APAC) markets, with a particular focus on the financial hub of Hong Kong. Thus, obtaining the MPI license allows the company to bring more of its fully regulated crypto offerings to clients in Singapore.
The spokesperson added that the approval will boost the firm’s commitment to providing cutting-edge financial solutions to the Asian market. The company has a formidable global reach, with $3.5 billion in assets under management across more than 60 countries.
Sygnum’s extensive footprint is significantly enhanced by its presence in crucial crypto-centric jurisdictions such as Luxembourg and Abu Dhabi. Its location in these strategic regions further proves the company’s status as a global frontrunner in the ever-changing digital finance landscape.
Coinbase Reveals MAS Approval
Recall that earlier in the week, the MAS approved top American crypto firm Coinbase’s Major Payment Institution (MPI) license application. The official approval from the Singaporean regulator represents a defining moment for the US-based crypto firm.
MPI-licensed entities are exempted from the 3 million Singapore dollar ($2.2 million) transaction limit imposed on other payment service providers by the financial watchdog. The latest regulatory approval further strengthens Coinbase’s position as a trusted player in Singapore’s economic landscape.
The survey indicated that over 30% of Singaporeans currently possess or have previously engaged with cryptocurrencies, confirming the nation’s status as a vibrant hub for digital assets. According to Coinbase, the growing interest in crypto among Singaporeans illustrates the country’s forward-thinking and receptance to new technology.
Coinbase reiterated that it is committed to providing a seamless and secure platform for new and seasoned crypto enthusiasts as it expands its presence in Singapore. The company maintains that it intends to build a community that believes in the transformative power of decentralized finance.
Therefore, Coinbase aims to empower each Singaporean resident to engage in this digital finance ecosystem through educational initiatives, user-friendly interfaces, and a diverse range of supported crypto assets. With its strategic focus on Singapore, Coinbase aims to enrich the local crypto ecosystem and contribute to Singapore’s position as a global fintech leader.
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