Sygnum’s Singapore arm has been granted a full license by
the Monetary Authority of Singapore (MAS) to offer digital payment token (DPT)
brokerage services. This step allows Sygnum to introduce its digital payment
token brokerage platform to accredited investors and institutions, expanding
its presence in the country.
Notably, Sygnum Singapore has achieved this full license
status relatively fast, just four months after receiving in-principle approval
from the MAS, The Straits Times reported. It joins a growing list of over a
dozen firms authorized to provide DPT services in Singapore.
The full license enables Sygnum Singapore to integrate DPT
brokerage services into its broad digital asset financial offerings. These
services include asset management, corporate finance advisory, capital market
product trading, and custodial solutions.
Gerald Goh, the Co-Founder and CEO of Sygnum Singapore,
expressed the significance of this achievement in June, stating, “This
in-principle approval of our Major Payment Institution Licence by the MAS is a
milestone in our strategic growth plans for Sygnum Singapore and South-East
Asia.” He emphasized the progressive and robust regulatory framework in
Singapore.
Sygnum Bank AG, which is headquartered in Zurich and holds a
Swiss banking license, has been steadily expanding its reach globally. With
over 220 employees across its offices in Switzerland, Singapore, Luxembourg,
and Abu Dhabi, the group manages a portfolio of more than $4.8 billion in
assets under management.
Paving the Way for Regulated Digital Payments
Sygnum expanded its global presence by obtaining a capital
markets license in Singapore in 2019, forming the subsidiary Sygnum Singapore.
The platform established in Singapore acts as a fiat-digital asset gateway and
provides efficient trade execution for a diverse range of cryptocurrencies .
Singapore’s clear regulatory framework and rules governing
cryptocurrency operations have made it attractive for established crypto
companies. Sygnum joins a growing list of firms that have obtained licenses
from the MAS, including Circle, Crypto.com, Blockchain .com, Coinbase, and
Paxos.
In addition, Ripple, a blockchain payments company,
established its presence in the Asia-Pacific region by securing in-principle approval for a Major Payments Institution License from the MAS this year. The
approval enables Ripple to provide regulated digital payment token products and
services within Singapore’s regulatory framework.
Sygnum’s Singapore arm has been granted a full license by
the Monetary Authority of Singapore (MAS) to offer digital payment token (DPT)
brokerage services. This step allows Sygnum to introduce its digital payment
token brokerage platform to accredited investors and institutions, expanding
its presence in the country.
Notably, Sygnum Singapore has achieved this full license
status relatively fast, just four months after receiving in-principle approval
from the MAS, The Straits Times reported. It joins a growing list of over a
dozen firms authorized to provide DPT services in Singapore.
The full license enables Sygnum Singapore to integrate DPT
brokerage services into its broad digital asset financial offerings. These
services include asset management, corporate finance advisory, capital market
product trading, and custodial solutions.
Gerald Goh, the Co-Founder and CEO of Sygnum Singapore,
expressed the significance of this achievement in June, stating, “This
in-principle approval of our Major Payment Institution Licence by the MAS is a
milestone in our strategic growth plans for Sygnum Singapore and South-East
Asia.” He emphasized the progressive and robust regulatory framework in
Singapore.
Sygnum Bank AG, which is headquartered in Zurich and holds a
Swiss banking license, has been steadily expanding its reach globally. With
over 220 employees across its offices in Switzerland, Singapore, Luxembourg,
and Abu Dhabi, the group manages a portfolio of more than $4.8 billion in
assets under management.
Paving the Way for Regulated Digital Payments
Sygnum expanded its global presence by obtaining a capital
markets license in Singapore in 2019, forming the subsidiary Sygnum Singapore.
The platform established in Singapore acts as a fiat-digital asset gateway and
provides efficient trade execution for a diverse range of cryptocurrencies .
Singapore’s clear regulatory framework and rules governing
cryptocurrency operations have made it attractive for established crypto
companies. Sygnum joins a growing list of firms that have obtained licenses
from the MAS, including Circle, Crypto.com, Blockchain .com, Coinbase, and
Paxos.
In addition, Ripple, a blockchain payments company,
established its presence in the Asia-Pacific region by securing in-principle approval for a Major Payments Institution License from the MAS this year. The
approval enables Ripple to provide regulated digital payment token products and
services within Singapore’s regulatory framework.
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- Source: https://www.financemagnates.com//cryptocurrency/sygnum-singapore-gains-full-license-for-crypto-brokerage-services/
