SBI Digital Markets obtained the required license from MAS

SBI Digital Markets obtained the required license from MAS

The Monetary Authority of Singapore (MAS) has licensed SBI Digital Markets, a subsidiary of the digital asset arm of Japan-based financial giant SBI Holdings, to conduct certain activities in the country.

MAS announced on Thursday that after the company’s preliminary approval in May, the Capital Market Services license was granted. told. The company, which offers digital asset custody and trading services, will be able to hold it as a regulated business in Singapore, offer capital markets products to buyers and offer corporate finance advice. The company also plans to launch a digital securities platform.

“This development is an exciting milestone for SBI Digital Markets, which will play a key role in SBI’s core mission to redesign and transform capital markets and banking values,” said Fernando Luis Vazquez Cao, CEO of SBI Digital Asset Holdings. .

SBI Digital Markets is a subsidiary of SBI Digital Asset Holdings, the digital asset arm of SBI Holdings, one of Japan’s largest financial institutions. The company had recently stopped all mining activities in Russia due to the bear market and the Ukraine war. The company also reported that in August, one of its investments, Clear Markets, received approval from the US Commodity Futures Trading Commission to offer over-the-counter crypto derivatives products.

Singapore’s chief financial regulator, MAS, on the other hand, has the authority to license companies that aim to provide crypto-related services to citizens in the country. Crypto exchange and Terraform Labs, founded by Do Kwon, are also located in Singapore. On the other hand, web service provider (filecoin) RRMine Global announced on Tuesday that it plans to move to Singapore due to tight restrictions on the use of cryptocurrencies in China.

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