06-14-2023, 09:23 AM
Sygnum Inches Closure to Get Singapore's Payment Institution License
<p>The <a href="https://www.financemagnates.com/tag/singapore/">Singapore </a>subsidiary of Sygnum, a digital asset bank, has become the latest to obtain in-principal approval for a Major Payment Institution Licence (MPIL) from the Monetary Authority of Singapore (MAS).
</p><p>Sygnum Gains In-Principal Singapore License
</p><p>The in-principal license was awarded to <a href="https://www.financemagnates.com/cryptocurrency/news/sygnum-singapore-receives-in-principle-approval-to-enhance-regulated-activities/">Sygnum Singapore</a>, thus putting it closer to becoming a regulated crypto brokerage service. Once the full license is obtained, the company can offer a range of crypto services, including digital payment token services, along with cross-border and domestic money transfer services.
</p><p>"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," said Gerald Goh, Sygnum's Co-Founder and CEO of Singapore. "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."
</p><p>Sygnum became one of the first two Swiss crypto companies to <a href="https://www.financemagnates.com/cryptocurrency/news/finma-grants-license-to-2-new-crypto-banks-brings-strict-aml-laws/">receive a banking license</a> from the Swiss Financial Market Supervisory Authority (FINMA). This license allows the company to issue, store, trade, and manage digital assets like Bitcoin and Ethereum and offer other digital currency-related services.
</p><p>Along with its presence in Switzerland, the company expanded its global base and gained a capital markets license in Singapore, forming the local subsidiary Sygnum Singapore in 2019.
</p><p>The Singapore-based platform provides a fiat-digital asset gateway and trade execution for various cryptocurrencies. It stressed offering competitive spreads, deep liquidity, and fast trade settlements.
</p><p>The Asian Crypto Hub
</p><p>With its clear rules around cryptocurrency operations, Singapore is attracting several other established crypto companies. Apart from Sygnum, many other crypto firms have obtained crypto licenses from the MAS.
</p><p>Most recently, stablecoin issuer <a href="https://www.financemagnates.com/cryptocurrency/circle-singapore-gains-mas-approval-for-digital-payments-service/">Circle gained an MPI license</a> from the city-state. Crypto.com, Blockchain.com, Coinbase, and Paxos also obtained the same license, cementing their position in Southeast Asia.
</p><p>Meanwhile, Singapore's MAS proposed heavy restrictions on retail cryptocurrency trading and limitations in the circulation of stablecoins. The proposed regulations are still in the consultation stage.</p><p>BidFX hires eFX expert; Orbex's prepaid card; <a href="https://www.financemagnates.com/forex/news-nuggets-13-june-bidfx-hires-efx-expert-orbexs-prepaid-card/">read today's news nuggets</a>.</p>
This article was written by Arnab Shome at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...n-license/
<p>The <a href="https://www.financemagnates.com/tag/singapore/">Singapore </a>subsidiary of Sygnum, a digital asset bank, has become the latest to obtain in-principal approval for a Major Payment Institution Licence (MPIL) from the Monetary Authority of Singapore (MAS).
</p><p>Sygnum Gains In-Principal Singapore License
</p><p>The in-principal license was awarded to <a href="https://www.financemagnates.com/cryptocurrency/news/sygnum-singapore-receives-in-principle-approval-to-enhance-regulated-activities/">Sygnum Singapore</a>, thus putting it closer to becoming a regulated crypto brokerage service. Once the full license is obtained, the company can offer a range of crypto services, including digital payment token services, along with cross-border and domestic money transfer services.
</p><p>"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," said Gerald Goh, Sygnum's Co-Founder and CEO of Singapore. "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."
</p><p>Sygnum became one of the first two Swiss crypto companies to <a href="https://www.financemagnates.com/cryptocurrency/news/finma-grants-license-to-2-new-crypto-banks-brings-strict-aml-laws/">receive a banking license</a> from the Swiss Financial Market Supervisory Authority (FINMA). This license allows the company to issue, store, trade, and manage digital assets like Bitcoin and Ethereum and offer other digital currency-related services.
</p><p>Along with its presence in Switzerland, the company expanded its global base and gained a capital markets license in Singapore, forming the local subsidiary Sygnum Singapore in 2019.
</p><p>The Singapore-based platform provides a fiat-digital asset gateway and trade execution for various cryptocurrencies. It stressed offering competitive spreads, deep liquidity, and fast trade settlements.
</p><p>The Asian Crypto Hub
</p><p>With its clear rules around cryptocurrency operations, Singapore is attracting several other established crypto companies. Apart from Sygnum, many other crypto firms have obtained crypto licenses from the MAS.
</p><p>Most recently, stablecoin issuer <a href="https://www.financemagnates.com/cryptocurrency/circle-singapore-gains-mas-approval-for-digital-payments-service/">Circle gained an MPI license</a> from the city-state. Crypto.com, Blockchain.com, Coinbase, and Paxos also obtained the same license, cementing their position in Southeast Asia.
</p><p>Meanwhile, Singapore's MAS proposed heavy restrictions on retail cryptocurrency trading and limitations in the circulation of stablecoins. The proposed regulations are still in the consultation stage.</p><p>BidFX hires eFX expert; Orbex's prepaid card; <a href="https://www.financemagnates.com/forex/news-nuggets-13-june-bidfx-hires-efx-expert-orbexs-prepaid-card/">read today's news nuggets</a>.</p>
This article was written by Arnab Shome at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...n-license/