Sygnum Secures Crypto Brokerage License From MAS
The Monetary Authority of Singapore (MAS) has granted Sygnum Singapore a licence to operate a cryptocurrency brokerage. The Swiss bank’s Singapore branch was granted a Major Payment Institution Licence (MPIL) on Tuesday.
The licence turns on Sygnum’s Digital Payment Token brokerage business, opening up access to cryptocurrency for big investors. The service executes trades for various cryptocurrencies and provides a crypto-fiat bridge.
In June, Sygnum Singapore gained preliminary approval for the MPIL licence. The initial application said that Sygnum Switzerland would execute trades while the Singapore company would handle custody and brokerage.
(With inputs from Shikha Singh)
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