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

You can enjoy recreational use of cryptocurrencies at websites such as 1xBit, Bitcasino and FortuneJack.

 

Looking for your next crypto casino? Check out: Bitcasino, 1xBit or FortuneJack.

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2B journalism. Alongside crypto, Isabella writes about relationships and psychology. Isabella holds a first-class degree in music journalism and likes to interview electronic artists and DJs.

Similar News

Kraken fires 30% of workforce

01/12/2022|16:30

Cryptocurrency exchange Kraken is letting go of 1,100 of its employees, accounting for 30% of its workforce, due to the...

Copa del Rey NFT collection to be launched by...

01/12/2022|15:30

A NFT collection focusing on the Copa del Rey is going to be launched after a partnership was agreed between...