Fintonia Group, a financial services company based in Singapore, announced today that it has upgraded to a Capital Markets Services (CMS) license from the MAS (Monetary Authority of Singapore).
According to Fintonia, the move comes at a time where more traditional financial institutions and crypto-native companies recognise the importance of partnering with licensed industry players, amidst the anticipated upcoming Bitcoin halving.
“We are excited about this license upgrade and the opportunity to collaborate with partners who share our belief that licensed and regulated institutions will drive the next phase of growth in the digital assets and crypto industry" said Adrian Chng, founder of Fintonia Group.
The MAS states that companies must hold a capital markets services (CMS) licence to conduct activities regulated under the Securities and Futures Act.
Fintonia Group launched two institutional-grade Bitcoin (BTC) funds in Singapore in 2021 – one that provides accredited investors with direct economic exposure to Bitcoin and another that gives investors access to private loans secured by Bitcoin.
In July, the company announced that it secured a provisional virtual asset license granted by the Dubai Virtual Assets Regulatory Authority (VARA).
Related: Singapore-Based Fund Manager Wins Provisional Crypto License in Dubai