<p>Sygnum Singapore, a subsidiary of Switzerland-based cryptocurrency bank Sygnum, has successfully obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).&nbsp;</p> 
<p>This significant development positions Sygnum Singapore to extend its regulated cryptocurrency offerings to accredited investors and institutions in the Asia-Pacific (APAC) region, with a particular focus on markets like Hong Kong. The license allows the company to offer crypto brokerage services, further expanding its presence in the burgeoning digital asset landscape.</p> 
<p>Sygnum Singapore’s achievement of the MPI license comes after a remarkably swift regulatory process. In just four months, the company transitioned from an in-principle approval to a full-fledged license. This speedy approval demonstrates Sygnum Singapore’s commitment to establishing a robust and compliant cryptocurrency ecosystem in Singapore and the wider APAC region.</p> 
<p>in March 2022, Sygnum Singapore secured in-principle regulatory approval to offer three additional regulated activities under its capital markets services license. These activities include catering to institutional investors, corporate clients, high-net-worth individuals, and other financial institutions. With the new MPI license, the company can now broaden its services, making it an attractive option for a wider range of clients seeking secure and regulated access to the cryptocurrency market.</p> 
<h2 class="wp-block-heading" id="growing-footprint-in-cryptocurrency-banking">Growing footprint in cryptocurrency banking</h2> 
<p>Sygnum’s global presence in cryptocurrency banking is on the rise, with assets under management (AUM) approaching $3.5 billion, spanning across more than 60 countries. The bank has established crypto operations not only in Singapore but also in key financial centers like Luxembourg and Abu Dhabi. This network of locations positions Sygnum as a trusted partner for clients seeking exposure to the digital asset space while adhering to strict regulatory standards.</p> 
<p>Sygnum Singapore’s attainment of the MPI license coincides with another major player in the cryptocurrency industry,<a href="https://www.cryptopolitan.com/coinbase-secures-license-in-singapore/"> Coinbase</a>, securing approval for its MPI license application from MAS. This development is noteworthy as MPI-licensed firms gain authorization to conduct payment services without being subject to transaction limits, a significant advantage in the growing digital payments sector. Coinbase highlighted Singapore’s importance in its expansion plans, citing the substantial interest in cryptocurrencies among the local population, with more than 30% of Singaporeans being current or past owners of digital assets, according to a recent survey.</p> 
<p>With both Sygnum Singapore and Coinbase now holding MPI licenses, the competition in Singapore’s cryptocurrency market is poised to intensify. These developments signal a growing interest from cryptocurrency firms in the APAC region, particularly in Singapore, known for its robust regulatory framework and its proactive approach to embracing blockchain and digital assets.</p> 
<h2 class="wp-block-heading" id="strengthening-singapore-s-position-in-the-crypto-space">Strengthening Singapore’s position in the crypto space</h2> 
<p>The issuance of MPI licenses to prominent players like Sygnum Singapore and Coinbase reaffirms Singapore’s status as a leading hub for cryptocurrency and blockchain innovation. The country’s proactive regulatory stance, combined with its strategic location in the APAC region, makes it an ideal destination for cryptocurrency firms looking to expand their operations and tap into the region’s growing demand for digital assets.</p> 
<p>The MPI licenses granted to Sygnum Singapore and Coinbase open up new avenues for accredited investors and institutional clients in Singapore. These licenses allow these firms to offer a broader range of cryptocurrency services without the constraints of transaction limits, fostering increased participation in the cryptocurrency market among a wider segment of the population.</p>

Sygnum Singapore Secures Major Payment Institution License from MAS

Table of Contents

Cryptopolitan_News

Other articles published on Oct 3, 2023

SBF Trial: Lawyers file last ditch requests to judge including barring Ukrainian testimony

These 3 Altcoins Will BREAKOUT in October 2023

Metacade Announces Breakthrough Collaboration with Polygon Labs (3 Oct)

Bitcoin Cash Weekly News October 2 2023 by the Bitcoin Cash Foundation

Bitcoin price drops its early week gains — Here is why

DOGE and SHIB Break Bullish Patterns As Investors Cash In

Join our free newsletter for daily crypto updates!