Crypto Unit of Japan's SBI Wins Capital Markets License in Singapore

SBI Digital Markets, a subsidiary of the digital asset arm of Japan's financial services giant SBI Holdings, has been granted a Capital Markets Services (CMS) license to offer securities and futures trading services in Singapore, according to a Thursday announcement.

  • SBI Digital Markets plans to launch an institutional-grade digital asset securities platform which would allow traditional financial service operators to "capture growth opportunities" driven by the crypto market, the announcement said.
  • The Singapore-based subsidiary was set up in 2020 to become a crypto service provider targeting "the growing demand for public and private institutional digital assets." SBI Digital Markets provides a range of services including the issuance and custody of virtual assets.
  • All companies looking to provide services regulated under the country's Securities and Futures Act must obtain a CMS license from the Monetary Authority of Singapore. SBI Digital Markets received in-principle approval for Singapore's CMS license in May 2022.
  • Singapore has been strengthening its oversight into the crypto space under its many licensing regimes this year. In June, the central bank granted in-principle digital token payment licenses to crypto exchange and two other companies, which allows them to offer services in the country.
  • In April, Singapore's parliament passed a new law requiring all digital asset service providers based in the city-state but only providing services overseas to be licensed in the country.

Read more: 'Singapore-based' Crypto Firms Leading Market Meltdown Were Not Regulated, Central Bank Chief Says