Singapore Financial Authority Grants License to SBI’s Digital Assets Branch
The Monetary Authority of Singapore, or MAS, has granted SBI Digital Markets, a subsidiary of the digital assets arm of Japanese financial giant SBI Holdings, a license to conduct certain regulated activities in the country.
In an announcement Thursday, MAS said it granted SBI Digital Markets a capital markets services license after the company received approval in principle in May. The company, whose parent company offers custody and trading of digital assets, will provide custody services, capital markets products and corporate finance advisory services in Singapore as a regulated business. It also plans to launch a digital asset securities platform.
“This is an exciting step for SBI Digital Markets, which will play a major role in SBI DAH’s core mission of reinventing and transforming capital markets and banking value chains through the deployment of digital technology” , said Fernando Luis, CEO of SBI Digital Asset Holdings. Vazquez Cao.
SBI Digital Markets is a subsidiary of SBI Digital Asset Holdings, the digital asset arm of one of Japan’s largest financial institutions, SBI Holdings. The company recently ceased all mining operations in Russia due to the crypto winter and the country’s role in the war against Ukraine. SBI Holdings also reported in August that one of its issuing companies, Clear Markets, had received approval from the US Commodity Futures Trading Commission to offer OTC crypto derivatives with physical settlement.
Related: Singapore MAS Reviews Crypto Firms Ahead of New Regulations: Report
As Singapore’s primary financial regulator, the MAS has the power to license companies aiming to offer crypto-related services to residents of the country – the region is currently home to crypto exchange Crypto.com and the founder of Terraform Labs, Do Kwon. Filecoin service provider RRMine Global announced on Tuesday that it plans to relocate its headquarters to Singapore in response to “tightening restrictions on the use of cryptocurrency” in China.