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<div class="watcher-guru"> 
 <p>Singapore’s Monetary Authority has granted the subsidiary of Switzerland-based crypto bank Sygnum a Major Payment Institution [MPI] licence. In just a span of just four months, <a rel="noopener noreferrer nofollow" title="Sygnum Singapore" href="https://thebittimes.com/tag/sygnum-singapore.html">Sygnum Singapore</a> has managed to upgrade its status from in-principle approval to a full license. In fact, the company now intends to expand its regulated offering to the Asia–Pacific [APAC] markets. One of the regions it is eying is Hong Kong. </p> 
 <p>The latest <a rel="noopener noreferrer nofollow" title="Sygnum Singapore" href="https://thebittimes.com/tag/sygnum-singapore.html">Sygnum Singapore</a> development comes on the heels of Coinbase obtaining its MPI license from Singapore’s central bank. In fact, in its official statement, the firm emphasised that 25% of Singaporeans consider crypto as the future of finance. Moreover, 32% of them have either been current or past owners of crypto. The stats evidently point out to the fact that Singapore has naturally become a significant location for this industry.&nbsp; The post further revealed that Singapore is also home to over 700 Web3 companies, making it a key market for the growth of the crypto and Web3 economy.</p> 
 <p><strong>Also Read: Bankman-Fried Faces 115 Years in Prison: Trial to Begin on Oct. 3</strong></p> 
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 <h3 class="wp-block-heading" id="h-mpi-license-will-help-sygnum-expand-its-crypto-offerings-to-singapore-clients">MPI License Will Help Sygnum Expand its Crypto Offerings to Singapore Clients </h3> 
 <p>In Q1 2022, <a rel="noopener noreferrer nofollow" title="Sygnum Singapore" href="https://thebittimes.com/tag/sygnum-singapore.html">Sygnum Singapore</a> received its in-principle approval from the Monetary Authority of Singapore to offer three additional regulated activities under its capital markets services [CMS] license. On its part, the firm was first granted its&nbsp;CMS license&nbsp;in 2019. This allowed the firm to engage in asset management activities. Commenting on the importance of the latest license, a spokesperson for the company said,</p> 
 <p><strong>“Receiving the MPIL allows us to bring more of Sygnum’s suite of fully regulated crypto offerings to our clients in Singapore</strong>. <strong>This additional Licence enables us to extend our service offering to also offer DPT trading&nbsp;services to our clients.”</strong></p> 
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  <img decoding="async" width="1024" height="547" src="https://cdn.thebittimes.com/images/2023/10/03/90d5799e205accbbe896d17694e2dd7d.webp" alt class="wp-image-114629" srcset="https://cdn.thebittimes.com/images/2023/10/03/90d5799e205accbbe896d17694e2dd7d.webp 1024w, https://cdn.thebittimes.com/images/2023/10/03/90d5799e205accbbe896d17694e2dd7d.webp 300w, https://cdn.thebittimes.com/images/2023/10/03/90d5799e205accbbe896d17694e2dd7d.webp 768w, https://cdn.thebittimes.com/images/2023/10/03/90d5799e205accbbe896d17694e2dd7d.webp 380w, https://cdn.thebittimes.com/images/2023/10/03/90d5799e205accbbe896d17694e2dd7d.webp 550w, https://cdn.thebittimes.com/images/2023/10/03/90d5799e205accbbe896d17694e2dd7d.webp 800w, https://cdn.thebittimes.com/images/2023/10/03/90d5799e205accbbe896d17694e2dd7d.webp 1134w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    Source: Fintech Ranking 
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 <p><strong>Also Read: USDC Stablecoin Issuer Negotiates in Binance SEC Lawsuit</strong></p> 
 <p>Singapore is deemed to be a global crypto hub. Right from&nbsp;Ripple&nbsp;to Crypto.com, a host of prominent companies have been receiving licenses from the Monetary Authority of Singapore to extend their services in this region. As&nbsp;reported&nbsp;recently, the “well-regulated, efficiently governed” region is what has been attracting firms to the nation. Parallelly, Singapore also has the&nbsp;highest&nbsp;rating in the world for digital infrastructure. It additionally occupies one of the top positions in the World Bank’s Ease of Doing Business Index, making it quite a competitive hub.</p> 
 <p><strong>Also Read: Top 2 Cryptocurrencies To Watch in October 2023</strong></p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>COINBASE</li> 
  <li>MPI License</li> 
  <li>Sygnum Singapore</li> 
 </ul> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-after-coinbase-singapore-grants-mpi-license-to-sygnum-tbt64911.html">https://thebittimes.com/crypto-after-coinbase-singapore-grants-mpi-license-to-sygnum-tbt64911.html</a></p>

Crypto: After Coinbase, Singapore grants MPI License to Sygnum

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TheBitTimes

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