Singapore’s financial authority gives license to SBI’s digital asset arm | The Financial Express

Singapore’s financial authority gives license to SBI’s digital asset arm

SBI Digital Asset Holdings owns SBI Digital Markets as a subsidiary.

Singapore’s financial authority gives license to SBI’s digital asset arm
Additionally, a platform for digital asset securities will be unveiled.

A licence to carry out specific regulated operations in Singapore has been given to SBI Digital Markets, a division of the digital asset division of SBI Holdings, a Japanese financial powerhouse, as reported by Cointelegraph.

As per Cointelegraph, MAS announced on Thursday that it has granted SBI Digital Markets a licence for Capital Markets Services after the company received in-principle approval in May. The startup, whose parent company offers custody and trading for digital assets, will offer regulated custodial services, capital markets products, and corporate finance advising services in Singapore. Additionally, a platform for digital asset securities will be unveiled.

 “This is an exciting milestone for SBI Digital Markets, which will play a major part in SBI DAH’s core mission to re-imagine and transform capital markets and banking value chains through the deployment of digital technology,” SBI Digital Asset Holdings CEO Fernando Luis Vázquez Cao, said.

SBI Digital Markets will play a significant role in SBI DAH’s main purpose to re-imagine and change banking value chains through the use of digital technologies, according to Fernando Luis Vázquez Cao, CEO of SBI Digital Asset Holdings, Cointelegraph noted.

SBI Digital Asset Holdings, the digital asset division of one of the biggest financial institutions in Japan, SBI Holdings, owns SBI Digital Markets as a subsidiary. Due to the crypto winter and Russia’s involvement in the war on Ukraine, the company recently stopped its mining activities there. The U.S. Commodity Futures Trading Commission granted Clear Markets permission to trade over-the-counter cryptocurrency derivatives products with a margin requirement, according to SBI Holdings’ August report.

The MAS, Singapore’s primary financial regulator, has the power to issue licences to businesses seeking to provide inhabitants of the nation with services linked to cryptocurrencies; currently, the region is home to the cryptocurrency exchange Crypto.com and Do Kwon, the creator of Terraform Labs. RRMine Global, a provider of filecoin services, declared on Tuesday that it would move its headquarters from China to Singapore due to “tighter regulations on cryptocurrency usage” in China.

(With insights from Cointelegraph)

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