MAS Issues Capital Markets Services License To SBI Digital Markets

SBI Digital Markets intends to establish a platform for institutional-grade digital asset securities that would enable existing providers of financial services to "exploit growth prospects" brought on by the cryptocurrency market.

License Granted By MAS

The Monetary Authority of Singapore (MAS) said on Thursday that it had granted SBI Digital Markets a license for Capital Markets Services after the company received in-principle certification in May. The business, whose parent company provides custody and trading for digital assets, will offer regulated custodial services, capital markets products, and commercial banking advisory services in Singapore. A platform for digital asset securities will also be unveiled by it.

According to Fernando Luis Vázquez Cao, CEO of SBI Digital Asset Holdings, SBI Digital Markets will play a significant role in SBI DAH's primary purpose to re-imagine and change banking value chains via the use of digital technologies.

SBI Digital Market Suspended Mining Activities

Due to the crypto winter and Russia's involvement in the conflict with Ukraine, SBI Digital Markets has suspended all mining activities there. Additionally, SBI Holdings said in August that Clear Markets, one of its investment partners, has been permitted by the U.S. Commodity Futures Trading Commission (CFTC) to provide over-the-counter cryptocurrency derivative products with a physical payment.

MAS - Principal Financial Regulator

The MAS, Singapore's primary financial regulator, has the power to issue licenses to businesses seeking to provide residents 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 supplier of Filecoin services, declared on Tuesday that it would move its headquarters from China to Singapore because of "tighter regulations on cryptocurrency usage" in China.