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 Crypto.com 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.
