A subsidiary of the Thai giant SBI Group has received a license from the Singapore regulator to provide custodial services for the storage of securities denominated in cryptocurrency.
SBI Digital Markets clarified that the Monetary Authority of Singapore (MAS) Capital Market Services (CMS) license will allow advising the country’s institutional clients on corporate finance, trading cryptocurrency products in the capital market and providing custodial services. The company plans to create its own trading platform for securities denominated in digital assets.
The licensing of SBI Digital in the South Asian city-state was the first such approval for MAS since the collapse of Terraform Labs and crypto fund Three Arrows Capital.
“Singapore’s financial regulatory system is one of the most respected in the world due to its rigor and transparency. SBI Digital will operate fully regulated operations, which will allow the company to lead the digital asset markets,” announced Winston Quek, CEO of SBI Digital Markets.
In July, amid a cascading liquidation of large crypto companies, MAS Chairman Tharman Shanmugaratnam said that his office would be extremely tough on any violations committed by participants in the digital asset market. The head of MAS proposed to introduce mandatory testing of the level of financial literacy of individual investors, limiting their ability to use leverage and borrowed funds.
Source: Bits
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