Sygnum Bank’s Southeast Asian arm, Sygnum Singapore, has secured preliminary approval from Singapore’s financial regulatory authority for its Major Payment Institution License (MPIL). This significant achievement enables Sygnum to expand and improve its crypto assets services within the region.
According to the press release, Sygnum’s MPIL will authorize the bank to launch a regulated digital assets brokerage service in Singapore. The platform aims to offer users a comprehensive suite of services, including fiat on/off ramps for various cryptocurrencies, rapid trade execution, deep liquidity, and more.
Each Sygnum client will have a dedicated Relationship Manager assigned to ensure personalized client support, who will be available to address their specific requirements.
Despite the recent market downturn and the collapses of prominent platforms like the FTX exchange, innovators in the web3 space remain steadfast in their belief in the long-term potential of cryptocurrencies.
While regulatory bodies like the US Securities and Exchange Commission (SEC) are currently engaged in a crackdown on crypto, prompting some market participants to consider relocating, Singapore’s Monetary Authority of Singapore (MAS) has established a regulatory framework that safeguards consumers and fosters innovation.
The MAS has already granted regulatory approvals to numerous web3 businesses, including Circle, Crypto.com, and Coinbase.
Gerald Goh, Sygnum co-founder, said:
Like Switzerland, Singapore has a progressive, robust regulatory framework that provides investors the clarity and confidence to invest in digital assets – and Future Finance – with complete trust.
Building upon its previous in-principle approval for expanding digital product offerings under Singapore’s Capital Markets Services (CMS) license last year, Sygnum regards the acquisition of the MPIL as a significant milestone in its strategic growth plans for Singapore and Southeast Asia.
Mas: Fostering Innovation & Consumer Protection
However, Singapore’s Monetary Authority of Singapore (MAS) has demonstrated its commitment to fostering innovation and consumer protection within the crypto market.
Moreover, by establishing a robust regulatory framework, the MAS has granted regulatory approvals to several web3 businesses, creating an environment that encourages growth and provides assurance to market participants.
This supportive approach from the MAS sets Singapore apart as a jurisdiction that recognizes the transformative potential of cryptocurrencies while safeguarding the interests of consumers. As the market evolves, Singapore’s regulatory landscape adapts and remains at the forefront of crypto-friendly jurisdictions.
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