The Monetary Authority of Singapore (MAS) has granted an MPI license to Sygnum’s subsidiary, marking a significant milestone. Within just four months, Sygnum Singapore has progressed from provisional approval to obtaining a full license. Moreover, the company now has plans to expand its regulated services to the Asia-Pacific (APAC) markets, with a particular focus on Hong Kong.
This recent development for Sygnum Singapore closely follows Coinbase’s acquisition of its MPI license from Singapore’s central bank. In an official statement, Sygnum highlighted that a substantial 25% of Singaporeans view cryptocurrencies as the future of finance, with 32% having either previously or currently owned cryptocurrencies. These statistics underscore Singapore’s growing prominence in the cryptocurrency industry.
Furthermore, the post also revealed that Singapore hosts more than 700 Web3 companies, solidifying its position as a pivotal market for the crypto and Web3 economy’s growth.
Sygnum’s MPI License Opens Doors for Enhanced Crypto Offerings in Singapore
During the first quarter of 2022, Sygnum Singapore was granted provisional approval by the Monetary Authority of Singapore to expand its range of regulated activities under its existing capital markets services [CMS] license. It’s worth noting that Sygnum initially obtained its CMS license back in 2019, enabling the company to conduct asset management operations. Regarding the significance of this recent license acquisition, a representative from the company stated,
“Receiving the MPIL allows us to bring more of Sygnum’s suite of fully regulated crypto offerings to our clients in Singapore. This additional Licence enables us to extend our service offering to also offer DPT trading services to our clients.”
Singapore is widely recognized as a leading global cryptocurrency hub. Many prominent companies, including Ripple and Crypto.com, have been granted licenses by the Monetary Authority of Singapore to expand their operations in this area. This recent trend highlights the appeal of Singapore as a well-regulated and efficiently managed region, drawing in these companies.
Simultaneously, Singapore boasts the world’s highest rating for digital infrastructure and ranks prominently in the World Bank’s Ease of Doing Business Index, solidifying its position as a highly competitive and attractive hub for businesses.