Kenne Michael 
Sygnum Singapore, a subsidiary of the cryptocurrency bank Sygnum based in Switzerland, was granted a license to provide crypto brokerage services to accredited investors and institutions in Singapore.
On October 3, Sygnum Singapore announced obtaining its Major Payment Institution Licence (MPIL) from the Monetary Authority of Singapore (MAS).
A spokesperson for Sygnum Singapore disclosed that the company went from in-principle approval to a complete license within four months.
Sygnum Singapore obtained regulatory approval in principle to offer three additional regulated activities under its capital markets services (CMS) license in March 2022.
The corporation serves institutional investors, corporate clients, high-net-worth individuals, and other financial institutions.
The latest MPIL license approval, according to a statement from Sygnum Singapore’s spokesperson:
“This additional Licence enables us to extend our service offering to also offer DPT trading services to our clients.”
In addition, it was disclosed that the company intends to expand its regulated offering to Asia–Pacific (APAC) markets, including Hong Kong. “Receiving the MPIL allows us to bring more of Sygnum’s suite of fully regulated crypto offerings to our clients in Sigapore,” the spokesperson said.
With crypto footprints in Luxembourg and Abu Dhabi, Sygnum administers nearly $3.5 billion (3.2 billion Swiss francs) in Assets Under Management (AuM) across more than 60 countries.
On October 1, Coinbase announced that the MAS had approved its Major Payment Institution (MPI) license.
Companies with an MPI license can conduct payment services without being subject to transaction limits of 3 million Singapore dollars ($2.2 million) per payment service.
“From our initial involvement in the Lion City, we’ve identified Singapore as a vital market for Coinbase,” the exchange stated in its announcement, noting that more than 30% of Singaporeans were found to be current or former cryptocurrency proprietors in a recent survey.
