The licence awarded to Sygnum Singapore will provide more opportunities to distribute Sygnum’s market products to strategic investors.
Sygnum Singapore, a platform that features trade execution for a range of cryptocurrencies with deep liquidity and fast trade settlements, has received approval for its Major Payment
Institution Licence (MPIL) from the Monetary Authority of Singapore (MAS).
The digital bank previously received its received its in-principle approval in June 2023, and it also holds a Capital Markets Services licence, which it received in 2019. The MPIL will add crypto brokerage services to its fully regulated suite of digital asset financial services that include asset management,
corporate finance advisory, dealing in capital market products, and the provision of custodial services.
Gerald Goh, co-founder and CEO Singapore of Sygnum, says, “The MAS is one of the most progressive regulators in the world when it comes to providing a clear and robust framework around digital assets. The most recent guidelines on stablecoins have shown the industry a well-defined path forward. We believe such developments will empower investors to increase their exposure to digital assets with complete trust.”
The MPIL will provide more opportunities for Sygnum to distribute its market-tested and regulated products. “Receiving the MPIL allows us to bring in Sygnum’s suite of fully regulated crypto offerings to our clients in Singapore. Not only will our clients here enjoy institutional-grade security, but they will also experience personalised service driven by our relationship managers.” said Gerald.