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<p class="is-style-lead">Sygnum Singapore has successfully secured in-principle approval of its Major Payment Institution License (MPIL) application from the Monetary Authority of Singapore (MAS). The license enables the bank to offer its clients regulated crypto brokerage services.</p>



<p>Sygnum Singapore, the Southeast Asian arm of Switzerland’s crypto-friendly <a href="https://crypto.news/sygnum-bank-cardano-ada-staking/">Sygnum bank</a>, is set to expand its digital assets services in the region, having successfully secured an in-principle approval of its Major Payment Institution License (MPIL) from the country&#8217;s financial watchdog.</p>



<p>According to a <a href="https://www.prnewswire.com/de/pressemitteilungen/sygnum-singapore-receives-in-principle-approval-of-major-payment-institution-licence-from-the-mas-301848492.html" data-type="URL" data-id="https://www.prnewswire.com/de/pressemitteilungen/sygnum-singapore-receives-in-principle-approval-of-major-payment-institution-licence-from-the-mas-301848492.html" target="_blank" rel="noopener">press release</a>, Sygnum’s MPIL will officially enable the bank to launch its regulated digital assets brokerage service in Singapore. The platform will support fiat on/off ramps for a vast array of cryptocurrencies while also offering users fast trade execution, deep liquidity, and more.</p>



<p>Sygnum clients will each have a dedicated Relationship Manager that will always be available to cater to their needs.</p>




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        <a href=" https://crypto.news/switzerland-sygnum-bank-chf-stablecoin/">
            Switzerland’s Sygnum Bank launches CHF-backed stablecoin        </a>
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<h2 class="wp-block-heading" id="web3-innovation-not-slowing-down-despite-uncertainties">Web3 innovation not slowing down despite uncertainties&nbsp;</h2>



<p>Despite the current <a href="https://crypto.news/bitcoin-global-crypto-market-falls-sec-binance-coinbase-weekly-recap/">gloomy market conditions</a> and numerous high-profile collapses of crypto-focused platforms like <a href="https://crypto.news/us-prosecutors-gather-evidence-including-code-and-millions-of-pages-of-emails-against-ftx-boss/">Sam Bankman-Fried’s</a> FTX exchange and others, innovators have continued to build in the web3 space, a strong indication of their unwavering confidence in crypto&#8217;s long-term potential.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="TOP 10 Crypto-Friendly Countries In The World | Singapore, El Salvador &amp; more!" width="1020" height="574" src="https://www.youtube.com/embed/1vEV-N8Rn7o?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>While regulators such as the US Securities and Exchange Commission <a href="https://crypto.news/binance-us-counters-secs-motion-to-freeze-funds-as-it-threatens-its-business/">(SEC</a>) are currently waging war against crypto, with several market participants now planning to move abroad, Singapore’s MAS has established a regulatory framework that protects consumers and fosters innovation. </p>



<p>So far, the MAS has granted regulatory approvals to many web3 businesses, including Circle, <a href="https://crypto.com/news/singapores-mas-grants-license-to-crypto-com/" target="_blank" rel="noopener">Crypto.com</a>, Coinbase, and more. </p>



<blockquote class="wp-block-quote">
<p>“Like Switzerland, Singapore has a progressive, robust regulatory framework that provides investors the clarity and confidence to invest in digital assets &#8211; and Future Finance &#8211; with complete trust.” </p>
<cite>Gerald Goh, Sygnum co-founder</cite></blockquote>



<p>Having previously <a href="https://crypto.news/singapore-digital-assets-bank-sygnum-principle-regulated-activities/">secured </a>an in-principle approval to expand its crypto product offerings under Singapore’s Capital Markets Services (CMS) license last year, Sygnum has stated that obtaining the MPIL is a significant milestone in its strategic growth plans in Singapore and Southeast Asia.</p>




    <p>
        Read more:

        <a href=" https://crypto.news/switzerland-sygnum-bank-support-tezos-xtz-trading-staking/">
            Switzerland: Sygnum Bank unveils support for Tezos (XTZ) trading and staking        </a>
    </p>

Sygnum Singapore gets approval to offer crypto services

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