Sygnum Singapore announces that it has received approval for its Major Payment Institution Licence (MPIL) from the Monetary Authority of Singapore (MAS).
Following its in-principle approval of the MPIL in June this year, Sygnum Singapore has completed the licensing process and received the licence that enables it to activate the launch of the group’s regulated Digital Payment Token (DPT) brokerage service in Singapore. The platform, featuring a seamless fiat-digital asset gateway and trade execution for a range of cryptocurrencies, offers competitive spreads, deep liquidity and fast trade settlements in addition to live balance updates and quotes.
Founded in 2018, Sygnum to date has more than CHF 3.2 billion Assets Under Management (AuM) and 1,600+ clients from 60+ countries, including institutional and accredited investors, banks and financial institutions as well as DLT (Distributed Ledger Technology) foundations. The group has also expanded its regulated operations into Luxembourg and Abu Dhabi.
The MPIL represents a major achievement in the group’s growth plans in Singapore and in the region, providing more opportunities to distribute Sygnum’s market-tested regulated and trusted offerings with strategic investors.
Gerald Goh, Sygnum Co-Founder and CEO Singapore, says
“The MAS is one of the most progressive regulators in the world when it comes to providing a clear and robust framework around digital assets. The most recent guidelines on stablecoins have shown the industry a well-defined path forward. We believe such developments will empower investors to increase their exposure to digital assets with complete trust.”
Sygnum Singapore already holds the Capital Markets Services licence, which it received in 2019. The MPIL will add DPT brokerage services to its fully regulated suite of digital asset financial services that include asset management, corporate finance advisory, dealing in capital market products, and the provision of custodial services.
