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Singapore grants capital markets license to SBI’s digital asset arm

Singapore grants capital markets license to SBI’s digital asset arm

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.

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.

This article was originally published on   forkast.news

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