The Monetary Authority of Singapore (MAS) has approved Sygnum Singapore’s application for a Major Payment Institution License (MPIL).
This license allows the bank to offer regulated cryptocurrency brokerage services to its customers. Sygnum, the Southeast Asian branch of Switzerland’s crypto-friendly Sygnum bank, plans to expand its digital asset services in Singapore. The expansion comes after obtaining in-principle approval for its MPIL from the country’s financial watchdog.
With the MPIL in place, Sygnum will officially launch its regulated digital asset brokerage service in Singapore. The platform will offer customers features such as fast trade execution, deep liquidity, and support for fiat on/off ramps for various cryptocurrencies.
Each customer will also have a dedicated Relationship Manager to address their needs. Despite the current challenging market conditions and the failure of prominent crypto-focused platforms like FTX exchange, innovators in the web3 field remain committed. They believe in and trust in the long-term potential of cryptocurrencies.
Singapore’s MAS has created a regulatory environment that protects consumers and encourages innovation, setting it apart from regulators like the US Securities and Exchange Commission (SEC), whose actions have prompted many market participants to consider leaving the country.
Several web3 companies, including Circle, Crypto.com, and Coinbase, have already received regulatory authorization from MAS. Gerald Goh, co-founder of Sygnum, praised Singapore’s progressive regulatory framework, which provides clarity and confidence for investors to engage in digital assets.
Obtaining the MPIL is a significant milestone for Sygnum in its strategic growth plans for Singapore and Southeast Asia. Last year, the company received in-principle clearance to expand its crypto product offerings under Singapore’s Capital Markets Services (CMS)
