Crypto: After Coinbase, Singapore grants MPI License to Sygnum
Singapore’s Monetary Authority has granted the subsidiary of Switzerland-based crypto bank Sygnum a Major Payment Institution [MPI] licence. In just a span of just four months, Sygnum Singapore has managed to upgrade its status from in-principle approval to a full license. In fact, the company now intends to expand its regulated offering to the Asia–Pacific [APAC] markets. One of the regions it is eying is Hong Kong. The latest Sygnum Singapore development comes on the heels of Coinbase obtaining its MPI license from Singapore’s central bank. In fact, in its official statement, the firm emphasised that 25% of Singaporeans consider crypto as the future of finance. Moreover, 32% of them have either been current or past owners of crypto. The stats evidently point out to the fact that Singapore has naturally become a significant location for this industry. The post further revealed that Singapore is also home to over 700 Web3 companies, making it a key market for the growth...