The Monetary Authority of Singapore, or MAS, has granted SBI Digital Markets, a subsidiary of the digital asset arm of Japanese financial giant SBI Holdings, a license to carry out certain regulated activities in the country.
In an announcement Thursday, MAS said it had 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 services for digital assets, will provide custody services, capital markets products and corporate finance advisory services in Singapore as a regulated company. It also plans to launch a digital asset securities platform.
“This is an exciting milestone for SBI Digital Markets, which will play a major role in SBI DAH’s core mission of reimagining and transforming capital markets and banking value chains through the deployment of digital technology,” said the CEO of SBI Digital Asset Holdings, Fernando Luis Vázquez 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 firm recently ceased all mining operations in Russia due to the winter crypto bear market and the country’s role in the war against Ukraine. SBI Holdings also reported in August that one of its investees, Clear Markets, received approval from the United States Commodity Futures Trading Commission to offer over-the-counter crypto derivatives products with physical settlement.
As Singapore’s main financial regulator, MAS has the authority to license companies that claim to offer cryptocurrency-related services to residents of the country – the area is currently home to cryptocurrency exchange Crypto.com and Terraform Labs founder Do Kwon. Filecoin service provider RRMine Global announced on Tuesday that it planned to move its headquarters to Singapore in response to “tighter restrictions on the use of cryptocurrencies” in China.
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