SBI Digital Markets Pte. Ltd, a subsidiary of Japanese financial powerhouse SBI Holding, has scored regulatory approval to provide securities and futures trading services in Singapore.
According to the announcement by SBI Digital, the Monetary Authority of Singapore (MAS) has awarded it a Capital Markets Services (CMS) license. The CMS license follows an initial In-Principle approval it got back in May 2022.
With the nod from the regulator, SBI can now offer capital market products, custodial services, and corporate finance advisory services for the Singaporean market. It is also planning to launch a digital asset securities platform.
According to its CEO Fernando Luis Vazquez, the approval will play a major part in its mission to “transform capital markets and banking value chains through the deployment of digital technology”.
Meanwhile, SBI Holding announced that its Russian Siberian crypto mining operation will stop last month. This decision was made in part due to the conflict between Russia and Ukraine and also the decline in the profitability of crypto mining due to the prolonged market downturn.
Singapore: a choice destination for crypto service providers
Although the Singaporean regulator has announced plans to toughen its crypto regulations to provide investors with the greatest level of security, its solid regulatory clarity has made the nation a choice destination for crypto service providers. The regulator says it will strengthen existing regulations by implementing customer suitability assessments.
Crypto.com received in-principle approval from MAS to provide a range of payment services in the country in June, the exchange also entered the Cyprus and Italy market. The regulator also approved Paxos, the company behind Paxos Standard (PAX), Binance USD (BUSD), PAX Gold (PAXG), and Pax Dollar (USDP) to offer crypto services to local companies.
Several digital service providers have received regulatory approval in key jurisdictions as they look to expand their footprints and advance the ecosystem in general.
London-based Blockchain.com recently got a provisional license to operate in Dubai. Likewise Huobi, a leading crypto exchange widen its reach to the British Virgin Islands, it has also recently won approval in Australia and the US.
The United States subsidiary of crypto exchange giant Binance, Binance US received a Money Transmitter License to provide its services in all 50 states and territories of America.