Sygnum Singapore Secures Major Payment Institution License for Crypto Brokerage Services

Licensing Milestone Achieved

In a significant development within the cryptocurrency landscape, Sygnum Singapore, a proud subsidiary of the Switzerland-based crypto bank Sygnum, has officially snagged a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows the firm to offer crypto brokerage services targeting accredited investors and institutions across the Lion City.

A Swift Transition

On October 3, the announcement was made, revealing that the company transitioned from receiving in-principle approval to a full license in just four short months. According to a spokesperson from Sygnum Singapore, this accomplishment showcases the firm’s commitment to regulatory compliance and operational excellence.

Broader Services Ahead

The MPI license is a game changer for Sygnum. The spokesperson elaborated that this additional regulatory blessing enables the company to expand its suite of services, specifically by introducing Digital Payment Token (DPT) trading. This means Sygnum not only caters to institutional investors and corporate clientele but also embraces tech-savvy high-net-worth individuals looking to delve into the crypto pool.

Regional Expansion Plans

Thinking beyond Singapore, Sygnum has its eyes on the broader Asia-Pacific (APAC) region, particularly Hong Kong, as part of its expansion strategy. With the MPI license in hand, Sygnum offers a glimpse of its ambitions, as it aims to deliver a fully regulated suite of crypto services to more clients throughout the region, as highlighted by the spokesperson’s statements.

A Look at the Bigger Picture

Sygnum isn’t the only player making waves—Coinbase, another major contender, also announced on October 1 that it received approval for its own MPI license. This regulatory momentum aligns with a survey revealing that over 30% of Singaporeans are current or past crypto enthusiasts. Thus, the race is heating up in the crypto-friendly environment of Singapore!

“Receiving the MPI license allows us to bring more of Sygnum’s suite of fully regulated crypto offerings to our clients in Singapore,” stated a Sygnum spokesperson.