Sygnum Singapore obtains major payments institution license

It can now operate its DPT brokerage service in Singapore.

Sygnum Singapore has clinched a Major Payment Institution Licence from the Monetary Authority of Singapore (MAS).

This allows Sygnum to launch and operate its regulated Digital Payment Token (DPT) brokerage service in the Lion City.

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.

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Founded in 2018, Sygnum now has more than CHF3.2b assets under management (AUM) and 1,600 clients from over 60 countries. Clients include institutional and accredited investors, banks, and financial institutions; as well as DLT (distributed ledger technology) foundations.

The group recently expanded its operations into Luxembourg and Abu Dhabi.

Sygnum Singapore already holds the Capital Markets Services licence, which it received in 2019.