SBI Digital Markets Pte. Ltd. (SBI DM) has received a Capital Markets Services (CMS) license from Singapore’s central bank, which allows it to provide custodial services and offer capital markets products.
See related article: Singapore’s MAS says needs to do better job explaining crypto policy
Fast facts
- SBI DM plans to launch a digital asset securities platform to help traditional financial service operators “capture growth opportunities” in the digital assets space, it said in a statement on Thursday.
- SBI DM is a subsidiary of Tokyo-based SBI Digital Asset Holdings Co. Ltd. (SBI DAH), the digital asset arm of financial conglomerate SBI Group, one of the largest Japanese private equity firms.
- SBI DM received in-principle approval for its CMS license from the Monetary Authority of Singapore in May.
- Singapore has been discouraging the general public from trading in cryptocurrencies, although it intends to be at the forefront of digital asset innovation.
See related article: How a market slump may be helping Singapore’s stance against retail crypto