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.
Sygnum Singapore, the Southeast Asian arm of Switzerland’s crypto-friendly Sygnum bank, 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’s financial watchdog.
According to a press release, 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.
Sygnum clients will each have a dedicated Relationship Manager that will always be available to cater to their needs.
Web3 innovation not slowing down despite uncertainties
Despite the current gloomy market conditions and numerous high-profile collapses of crypto-focused platforms like Sam Bankman-Fried’s FTX exchange and others, innovators have continued to build in the web3 space, a strong indication of their unwavering confidence in crypto’s long-term potential.
While regulators such as the US Securities and Exchange Commission (SEC) 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.
So far, the MAS has granted regulatory approvals to many web3 businesses, including Circle, Crypto.com, Coinbase, and more.
“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.”Gerald Goh, Sygnum co-founder
Having previously secured 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.