Sygnum Singapore, a subsidiary of Swiss cryptocurrency bank Sygnum, has been granted a Major Payment Institution Licence (MPIL) by the Monetary Authority of Singapore (MAS) to offer crypto brokerage services to accredited investors and institutions in Singapore. The company plans to expand its regulated offering to other Asia-Pacific (APAC) markets, such as Hong Kong.
Sygnum manages nearly $3.5 billion Assets Under Management (AuM) across more than 60 countries and has crypto footprints in Luxembourg and Abu Dhabi. Coinbase has also recently received approval for its MPI license from MAS, identifying Singapore as a vital market for the exchange.