SBI Digital receives license in Singapore

SBI Digital Markets has been granted a Capital Markets Services (CMS) license to offer securities and futures trading services in Singapore.

SBI Digital is the subsidiary of the digital asset arm of Japan’s financial services firm SBI Holdings.

The company is set to launch an institutional-grade digital asset securities platform enabling traditional financial service operators to take hold of “opportunities for growth” driven by the crypto market.

Any company that wants to provide regulated services under the Securities and Futures Act needs to obtain a CMS license from the Monetary Authority of Singapore.

SBI Digital received its in-principle approval for Singapore‘s CMS license in May.

The Singapore-based subsidiary was set up in 2020 with the view of becoming a crypto service provider in a growing demand for “public and private institutional digital assets”, and reportedly provides a variety of services including the issuance and custody of virtual assets.

With several licensing regimes put into place this year, Singapore has jumped headfirst into the crypto space in the hope of strengthening its overall place in the market

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Written by Velma

Senior CGN journalist

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