Sygnum Singapore has announced that it has received in-principle approval for its Major Payment Institution Licence (MPIL) application from the Monetary Authority of Singapore (MAS), the Swiss-Singapore firm announced on Tuesday.
The license will enable Sygnum Singapore to launch a regulated crypto brokerage service. The service will provide a fiat-digital asset gateway and trade execution for various cryptocurrencies. The platform aims to offer competitive spreads, liquidity, and fast trade settlements.
This approval follows the Capital Markets Licence (CMSL) extension granted to Sygnum Singapore in 2022. The extension allowed the company to launch services related to corporate finance advisory, capital market products, and asset and security token custodial services.
The in-principle approval is a significant step in the company's growth plans, Gerald Goh, Sygnum co-Founder and CEO Singapore, said in the announcement. He noted that Singapore's regulatory framework provides investors with the clarity and confidence to invest in digital assets.
Sygnum, which identifies itself as the world's first digital asset bank, was founded on Swiss and Singapore heritage. The company aims to enable professional and institutional investors, banks, corporates, and DLT foundations to invest in the digital asset economy. Sygnum is regulated in Singapore, Abu Dhabi, and Luxembourg.
This development is expected to enhance Sygnum Singapore's position as a regulated digital asset service provider in the region.