Sygnum Singapore, a subsidiary of the Swiss cryptocurrency bank Sygnum, has secured a major payments institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows Sygnum Singapore to offer cryptocurrency brokerage services to accredited investors and institutional clients in Singapore. The company initially received in-principle approval from MAS in March 2022 to expand its regulated activities under its capital markets services license.
Sygnum Singapore primarily serves institutional investors, corporate clients, high-net-worth individuals, and other financial institutions. With this MPI license, the firm can further diversify its service offerings, including digital payment token (DPT) trading services. It has transitioned from in-principle approval to full licensing within a remarkably short span of four months.
In addition to its expansion within Singapore, Sygnum Singapore has plans to introduce its regulated products in other Asia Pacific (APAC) markets like Hong Kong. This strategic move aligns with Sygnum's broader mission to provide fully regulated crypto products globally. Currently, Sygnum manages nearly $3.5 billion in assets across more than 60 countries, with a presence in Luxembourg and Abu Dhabi.
The news follows Coinbase's recent announcement that it had secured an MPI license from MAS as well, signaling Singapore's growing importance in the cryptocurrency market. MPI-licensed entities are authorized to offer payment services without being subject to the SGD 3 million ($2.2 million) transaction limit.
Singapore has emerged as a significant cryptocurrency hub, with a considerable portion of its population having experience as cryptocurrency owners or traders, making it a key market for crypto-related companies like Sygnum and Coinbase.
