Sygnum secures full payment license in Singapore
Zurich-based fintech startup Sygnum has obtained approval from the Monetary Authority of Singapore (MAS) to begin offering regulated cryptocurrency services in the country.
Sygnum Singapore, a subsidiary of the Swiss cryptocurrency bank Sygnum, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This license allows Sygnum Singapore to provide crypto brokerage services in Singapore.
In a statement, Sygnum confirmed that it has received full approval for a major payment institution license (MPIL). This license will enable the Singtel-backed company to operate its regulated crypto brokerage service in Singapore without being subject to specified thresholds.
The approval comes after Sygnum was granted a three-part capital markets license (CSML) extension in 2022. It also transitioned from in-principle approval to a full license within four months, expanding its regulatory capabilities to serve a range of clients in the cryptocurrency space.
With this regulatory approval, Sygnum will be able to provide its range of cryptocurrency services to to accredited investors and institutions in Singapore, ensuring compliance with the regulatory framework set by MAS. The company’s brokerage platform will include a fiat digital asset gateway and trade execution for a variety of cryptocurrencies. It also plans to offer competitive spreads, deep liquidity, and fast trade settlements.
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.”
The milestone makes Sygnum one of a handful of Singapore-based digital payment token service providers who have received such a coveted greenlight.
Sygnum was one of the first two Swiss crypto companies to be granted a banking license by the Swiss Financial Market Supervisory Authority (FINMA). This license enables the company to engage in various activities related to digital assets, including issuance, storage, trading, and management of cryptocurrencies. Additionally, Sygnum can offer a range of digital currency-related services under the regulatory framework provided by the banking license.
Expanding beyond Switzerland, Sygnum established its presence in Singapore and obtained a capital markets license. In 2019, the company formed its local subsidiary, Sygnum Singapore, to operate in the local market.
Singapore’s regulatory regime for exchanges requires them to provide adequate consumer protections and comply with Anti-Money Laundering measures.
