Sygnum Singapore, a subsidiary of Switzerland-based cryptocurrency bank Sygnum, received a license to offer crypto brokerage services to accredited investors and institutions in Singapore.
On Oct. 3, Sygnum Singapore announced it acquired a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). Speaking to Cointelegraph, a Sygnum Singapore spokesperson revealed that the company transitioned from in-principle approval to a full license within four months.
Sygnum Singapore secured in-principle regulatory approval to offer three additional regulated activities under its capital markets services license in March 2022. The company caters to institutional investors, corporate clients, high-net-worth individuals and other financial institutions. Speaking about the latest MPI license approval, the Sygnum Singapore spokesperson stated:
“This additional Licence enables us to extend our service offering to also offer DPT [digital payment token] trading services to our clients.”
It was also revealed that the company plans to expand its regulated offering to the Asia-Pacific (APAC) markets, such as Hong Kong. “Receiving the MPI license allows us to bring more of Sygnum’s suite of fully regulated crypto offerings to our clients in Singapore,” the spokesperson told Cointelegraph.
Sygnum manages nearly $3.5 billion in assets under management across over 60 countries, having crypto footprints in Luxembourg and Abu Dhabi.
On Oct. 1, Coinbase announced the approval of its MPI license application from the MAS. As Cointelegraph previously explained, MPI-licensed firms are authorized to conduct payment services without being subjected to transaction limits of 3 million Singapore dollars ($2.2 million) for any payment service.
“From our initial involvement in the Lion City, we’ve identified Singapore as a vital market for Coinbase,” the exchange noted in the announcement, stressing that more than 30% of Singaporeans were found to be current or past owners of crypto in its recent survey.
Ms Sultana also said she was “resigning” from the Labour Party after 14 years.
She was suspended as a Labour MP shortly after they came to power last summer for voting against the government maintaining the two-child benefit cap.
Several others from the left of the party, including Mr Corbyn, were also suspended for voting against the government, and also remained as independent MPs.
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However, Ms Sultana was still a member of the Labour Party – until now.
Mr Corbyn has previously said the independent MPs who were suspended from Labour would “come together” to provide an “alternative.
The other four are: Iqbal Mohamed, Shockat Adam, Ayoub Khan and Adnan Hussain.
Mr Corbyn and the other four independents have not said if they are part of the new party Ms Sultana announced.
In her announcement, Ms Sultana said she would vote to abolish the two-child benefit cap again and also voted against scrapping the winter fuel payment for most pensioners.
Ms Sultana also voted against the government’s welfare bill this week, which was heavily watered down as Sir Keir Starmer tried to prevent a major rebellion from his own MPs.
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Protesters block Israeli arms manufacturer in Bristol
On Wednesday, Ms Sultana spoke passionately against Palestine Action being proscribed as a terror organisation – but MPs eventually voted for it to be.
She said to proscribe it is “a deliberate distortion of the law to chill dissent, criminalise solidarity and suppress the truth”.
Ms Sultana said they were founding the new party because “Westminster is broken but the real crisis is deeper – just 50 families now own more wealth than half the UK population”.
She called Reform leader Nigel Farage “a billionaire-backed grifter” leading the polls “because Labour has completely failed to improve people’s lives.
Image: Ms Sultana called Nigel Farage a ‘billionaire-backed grifter’. Pic: PA
The MP, who has spoken passionately about Gaza, added: “Across the political establishment, from Farage to Starmer, they smear people of conscience trying to stop a genocide in Gaza as terrorists.
“But the truth is clear: this government is an active participant in genocide. And the British people oppose it.
“We are not going to take this anymore.”
A Labour Party spokesperson said: “In just 12 months, this Labour government has boosted wages, delivered an extra four million NHS appointments, opened 750 free breakfast clubs, secured three trade deals and four interest rate cuts lowering mortgage payments for millions.
“Only Labour can deliver the change needed to renew Britain.”