Sygnum Singapore Obtains Major Payment Institution License for Crypto Brokerage Services
Sygnum Singapore, a subsidiary of the Switzerland-based cryptocurrency bank Sygnum, has received approval for its Major Payment Institution License (MPIL) from the Monetary Authority of Singapore (MAS) to be able to provide crypto brokerage services to accredited investors and institutions in Singapore.
On October 3, Sygnum Singapore marked a significant achievement by completing the licensing process for its MPIL, which empowers the company to initiate its regulated Digital Payment Token (DPT) brokerage service in Singapore.
The approval follows Sygnum Singapore's in-principle approval for the MPIL back in June of this year. Remarkably, the company swiftly transitioned from in-principle approval to a full license within a mere four months. This license empowers MPI-licensed firms to conduct payment services without being subjected to transaction limits, which were previously set at 3 million Singapore dollars ($2.2 million) and monthly limits of 6 million Singaporean dollars ($4.4 million) for any payment service.
Founded in 2018, Sygnum has accumulated over CHF 3.2 billion in Assets Under Management (AuM) and has garnered a client base exceeding 1,600 individuals and institutions hailing from over 60 countries, as noted in its press release.
Sygnum has built a diverse clientele, serving institutional and accredited investors, banks, financial institutions, and Distributed Ledger Technology (DLT) foundations. Besides its operations in Singapore, the company has expanded its regulated services to Luxembourg and Abu Dhabi.
With the newly acquired MPI license enabling Sygnum to provide a more comprehensive array of fully regulated crypto services to its Singaporean clients, the company is poised for further expansion into the
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