Swiss crypto lender Sygnum has obtained approval from the Monetary Authority of Singapore to launch its digital asset brokerage service in the city-state.
Sygnum Singapore has obtained a major payment institution license (MPIL) from the Monetary Authority of Singapore (MAS), according to a statement. With the new license, Sygnum will be able to launch its regulated digital payment token (DPT) brokerage service in the city-state.
«The platform, featuring a seamless fiat-digital asset gateway and trade execution for a range of cryptocurrencies, offers competitive spreads, deep liquidity and fast trade settlements, in addition to live balance updates and quotes,» the crypto lender said.
Singapore History
Sygnum first received a capital markets services license in Singapore in 2019 before obtaining an MPIL in-principle approval in June this year.
«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,» said Sygnum co-founder and Singapore CEO Gerald Goh. «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.»
Sygnum was founded in 2018 on Swiss and Singapore heritage. In addition to its headquarters in Zurich and Singapore, it also has regulated operations in Luxembourg and Abu Dhabi. To date, it has around 3.2 billion Swiss francs ($3.5 billion) in assets under management from more than 1,600 clients in over 60 countries.
