Digital Asset Trading Authorization Granted to Straits Millennium by Monetary Authority of Singapore
Straits Millennium Obtains Major Payment Institution License, Bolstering Singapore's Crypto Hub Status
Singapore has taken a significant step forward in its ambition to become a leading jurisdiction for regulated crypto businesses in Asia. The Monetary Authority of Singapore (MAS) has granted a Major Payment Institution (MPI) license to Straits Millennium, a digital asset arm of Straits Financial Group.
With this license, Straits Millennium is now authorized to provide cryptocurrency trading services to institutional clients. The MPI license also enables the company to extend its traditional finance expertise into digital assets, aligning with the MAS's efforts to attract international firms seeking regulatory clarity.
Jeremy Ang, Group CEO of Straits Financial Group, highlighted the growing demand for professional access to digital assets to complement trading and investment strategies. Chew Min Wei, Head of Digital Assets at Straits Millennium, emphasized the firm's intention to leverage traditional finance client relationships in the crypto sector.
Straits Millennium targets institutional investors seeking professional access to cryptocurrency markets. To cater to this demand, the company has increased its team size by 40% year-over-year, hiring across compliance, operations, and client coverage to build its digital asset capabilities.
The platform offered by Straits Millennium will provide competitive trade execution, multi-currency on/off-ramp services, voice trading capabilities, API connectivity, and same-day settlement through local banking partnerships. This comprehensive offering aims to meet the needs of institutional investors in the rapidly evolving cryptocurrency market.
Straits Millennium's focus on compliance, security, and institutional-grade risk management is evident in its service approach. The company's entry is one of the growing number of traditional finance firms expanding into regulated crypto services in Singapore, further strengthening the city-state's position as a hub for crypto businesses.
The authorization allows Straits Millennium to facilitate exchanges between digital payment tokens and fiat currencies on a regulated basis, under the Payment Services Act 2019. The license was granted following an in-principle approval announced earlier this year by the MAS.
The approval of Straits Millennium's license underscores Singapore's commitment to fostering a conducive environment for the growth of the digital asset industry, while maintaining robust regulatory oversight. This development is expected to attract more firms to Singapore, further solidifying its position as a leading jurisdiction for regulated crypto businesses in Asia.
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