Singapore grants Major Payment Institution license to Sygnum Bank subsidiary ScrgruppEn

Sygnum Singapore, a subsidiary of Switzerland-based cryptocurrency bank Sygnum, has obtained a license to provide cryptocurrency brokerage services to accredited investors and institutions in Singapore.

On October 3, Sygnum Singapore announced that it has obtained a Master Payment Institution License (MPIL) from the Monetary Authority of Singapore (MAS). Speaking to Cointelegraph, a Signum Singapore spokesperson revealed that the company went from initial approval to full licensing within four months.

Last year, Sygnum Singapore received in-principle regulatory approval to introduce three additional regulated activities under its Capital Markets Services (CMS) license in March 2022. The company serves institutional investors, corporate clients, high-net-worth individuals and other financial institutions. Institutions. Speaking about the recent MPIL license approval, a Sygnum Singapore spokesperson said:

“This additional license enables us to expand our service offerings to offer DPT trading services to our clients as well.”

It was also revealed that the company plans to expand its regulated offerings to Asia Pacific (APAC) markets, such as Hong Kong. “Receiving MPIL allows us to offer more of Sygnum’s suite of fully regulated cryptocurrency offerings to our clients in Singapore,” the spokesperson told Cointelegraph.

Sygnum manages approximately $3.5 billion (CHF 3.2 billion) of assets under management (AuM) in more than 60 countries, and has crypto footprints in Luxembourg and Abu Dhabi.

Related: Cryptocurrency liquidity provider GSR has received regulatory approval in Singapore

On October 1, Coinbase announced the approval of a Master Payment Institution (MPI) license from MAS. As Cointelegraph previously explained, MPI-licensed businesses are allowed to conduct payment services without being subject to the S$3 million ($2.2 million) transaction cap for any payment service.

“Since our initial engagement with Lion City, we have identified Singapore as a vital market for Coinbase,” the exchange noted in the announcement, highlighting that more than 30% of Singaporeans were found to be current or former owners of cryptocurrencies on its site. Recent study.

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