Sygnum Singapore Granted In-Principle Approval for Major Payment Institution License, Opening Doors to Regulated Crypto Brokerage Services
Sygnum Singapore, the Southeast Asian branch of Sygnum bank known for its crypto-friendly approach, is poised to enhance its digital assets services within the region. The financial institution has achieved a significant milestone by obtaining in-principle approval for its Major Payment Institution License (MPIL) from the country’s financial regulatory authority.
This approval paves the way for Sygnum Singapore to expand its offerings and provide regulated digital asset services to its clients. With the endorsement from the financial watchdog, Sygnum Singapore is well-positioned to further strengthen its presence and contribute to the growth of digital assets in the Southeast Asian market.
As highlighted in a recent press release, the approval of Sygnum’s Major Payment Institution License (MPIL) signifies a significant development for the bank. With this license in place, Sygnum is now authorized to launch its regulated digital assets brokerage service in Singapore.
The platform will facilitate convenient fiat on/off ramps for a wide range of cryptocurrencies, providing users with seamless access to the digital asset market. In addition to enabling swift trade execution, the platform will also ensure deep liquidity, enhancing the overall trading experience for users.
The MPIL approval solidifies Sygnum’s commitment to delivering regulated and user-friendly digital asset services in Singapore, further strengthening the region’s growing crypto ecosystem.
Also Read: Crypto.com Joins Licensed Payment Institutions in Singapore
Sygnum ensures a personalized experience for its clients by assigning each of them a dedicated Relationship Manager who will be readily available to address their specific requirements.
This dedicated professional will serve as a trusted point of contact, assisting clients with their inquiries, providing guidance, and catering to their individual needs. With the presence of a dedicated Relationship Manager, Sygnum aims to deliver excellent customer service and establish strong, long-term relationships with its clients.
This personalized approach reflects the bank’s commitment to prioritizing client satisfaction and ensuring a seamless and tailored experience throughout their engagement with Sygnum.
Web3 Innovation Remains Resilient Amidst Uncertainties
Despite the prevailing challenging market conditions and the recent setbacks faced by prominent crypto-focused platforms such as Sam Bankman-Fried’s FTX exchange and others, innovators have not wavered in their commitment to building and advancing the web3 ecosystem. This steadfast determination is a testament to their enduring belief in the long-term potential of cryptocurrencies.
Despite the occasional setbacks and uncertainties, the continuous progress and development within the web3 space reflect the resilience and unwavering confidence of these innovators. Their unwavering dedication underscores the enduring significance of cryptocurrencies and their transformative impact on various industries in the future.
Amid regulatory battles in the crypto space, with the US SEC leading the charge and prompting some market participants to consider relocating, Singapore’s MAS stands out for its consumer protection and innovation-friendly regulatory framework.
The MAS has been proactive in granting regulatory approvals to numerous web3 businesses, including notable names like Circle, Crypto.com, Coinbase, and others.
This progressive approach and robust regulatory framework have instilled clarity and confidence in investors, enabling them to invest in digital assets and Future Finance with trust.
Gerald Goh, co-founder of Sygnum, commends both Switzerland and Singapore for their investor-friendly environments and regulatory frameworks.
Sygnum has achieved a significant milestone in its strategic growth plans for Singapore and Southeast Asia by securing the Major Payment Institution License (MPIL). This accomplishment comes after the bank had previously obtained in-principle approval to expand its crypto product offerings under Singapore’s Capital Markets Services (CMS) license. With the MPIL in place, Sygnum is well-positioned to further enhance its presence in the region and execute its expansion plans.
This achievement marks an important step forward for Sygnum as it continues to strengthen its position in the evolving landscape of digital assets and crypto services.
Also Read: Singapore : Temasek Adopts Cautious Approach in Crypto Space Following FTX Incident
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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