Four in 10 wealthy UAE investors hold crypto, survey finds

Sygnum Bank Achieves In-Principle MPI Licence Approval in SingaporeIn a significant milestone for its expansion efforts in Singapore and Southeast Asia, Sygnum Singapore has announced that it has received in-principle approval for its Major Payment Institution Licence (MPIL) application from the Monetary Authority of Singapore (MAS).Photo by Dids on PexelsOngoing global expansionThe Swiss-Singapore firm, headquartered in Zurich with an operational base in Singapore, disclosed this news via a press release published on Monday, marking a major stride forward for the company in its regulated crypto brokerage services.The world’s first digital asset bank also has offices in Abu Dhabi, the United Arab Emirates (UAE) capital, and Luxembourg. The digital assets innovation is progressing on a truly global basis. It’s also developing according to differing timelines on a regional basis relative to the regulatory approach being taken within individual jurisdictions. On that basis, we are seeing a move from many leading digital assets firms to expand internationally to benefit from jurisdictional regulatory arbitrage and in an effort to grow such businesses quickly, with a global reach.MPIL licensing significanceThe MPIL license will empower Sygnum Singapore to introduce a regulated crypto brokerage service that offers a fiat-digital asset gateway and facilitates trade execution for various cryptocurrencies. The platform aims to differentiate itself by providing competitive spreads, high liquidity, and swift trade settlements, in an effort to offer investors a seamless and efficient trading experience.This approval follows the extension of the Capital Markets Licence (CMSL) granted to Sygnum Singapore in 2022. With the CMSL extension, the company was able to launch an array of services encompassing corporate finance advisory, capital market products, and asset and security token custodial services.Wave of regulatory approvalThe approval of Sygnum Singapore’s MPIL application comes at a time when Singapore is witnessing a wave of regulatory acceptance for digital asset companies. Crypto.com and Circle are among the firms that have recently been granted full licenses, signifying a positive trend in the recognition and regulation of the digital asset industry in Singapore.Gerald Goh, Co-Founder and CEO of Sygnum Singapore, expressed his enthusiasm about the in-principle approval, highlighting its importance in the company’s growth plans: “This in-principle approval of our Major Payment Institution Licence by the MAS is a milestone in our strategic growth plans for Sygnum Singapore and South-East Asia.”He emphasized that Singapore’s regulatory framework provides the necessary clarity and confidence for investors to participate in the digital asset market: “Like Switzerland, Singapore has a progressive, robust regulatory framework that provides investors the clarity and confidence to invest in digital assets — and Future Finance — with complete trust.”The approval of the MPIL application is expected to bolster Sygnum Singapore’s position as a leading regulated digital asset service provider in the region. By obtaining this license, Sygnum strengthens its global position within the digital assets space while complementing Singapore’s efforts to develop as a regional crypto hub.

Internet-only Kbank offers virtual accounts for fractional art investorsKbank, a neobank based in South Korea, announced on Tuesday (local time) a new service for its customers interested in art investment. According to a report by local news outlet Newsis, Kbank has introduced virtual accounts for clients investing in securities that allow fractional ownership of artworks. These virtual account numbers will mirror the mobile phone numbers of securities subscribers, making them easy to remember and use. Subscribers will utilize these accounts to deposit funds for placing bids on fractional shares of art pieces.Photo by Precondo CA on UnsplashYayoi Kusama’s pumpkinThis unique bidding event, a first in the nation, is scheduled to run until Dec. 22. It will feature “Pumpkin,” a 2001 artwork by renowned Japanese contemporary artist Yayoi Kusama. Artnguide, a platform operated by Yeolmae Company, is managing the event. Yeolmae Company has secured regulatory approval to issue security tokens backed by the artwork.Total of 12,320 sharesThe event offers a total of 12,320 shares, with each share having a par value of KRW 100,000, which is approximately $77. An individual participant in this event is allowed to place bids for a maximum of 300 shares.In the Korean crypto market, Kbank is well-known for providing banking services to Upbit, the nation’s largest fiat-to-crypto exchange. In Korea, legal regulations mandate that any virtual asset service provider offering trading in Korean won must secure bank accounts from a local bank.Kbank’s recent initiative highlights the internet-only bank’s active engagement in the blockchain industry. Presently, Kbank provides its virtual account services to 16 companies, and it is focused on expanding its partnership base. Looking ahead, the bank plans to diversify its financial offerings, exploring innovative approaches like security token offerings to broaden its services in the evolving financial landscape.

Bitpowr, a digital asset custody and blockchain wallet provider that concentrates on the African market, is looking to expand in Asia having achieved a recent crypto transaction milestone. $200 million in total transactionsThe company has exceeded $200 million in total transactions processed since its launch in January 2022. The milestone demonstrates the firm’s efforts in furthering its mission to democratize finance with accessibility for all through crypto. The achievement was outlined recently in a report by TechCabal, a pan-African publication that covers innovation and tech developments across Africa. Bitpowr provides a modular ecosystem of Web3 and blockchain infrastructure to aid enterprises in building out blockchain-powered solutions.Photo by Kyle Glenn on UnsplashAsian clientele on the ascendancyIn a recent interview, Toby Oyetoke, the co-founder of Bitpowr, disclosed a noteworthy shift in customer demographics, with Asian clientele now surpassing their African counterparts in contributing to the company's $200 million transaction milestone. The Bitpowr co-founder believes that this signals a growing demand in the Asian market for accessible blockchain tools and infrastructure which are necessary for financial institutions seeking to launch and scale their products and services, relative to Web3. Oyetoke shared insights into Bitpowr's financial performance, stating:“Currently, we do up to $20 million per month in terms of traction volume processed, and that is from April 2022 till now. We now generate more revenue than we spend. We are cash flow positive.” There have been signs that inter-regional trade between the African and Asian regions is growing where crypto-related payment gateways and solutions are concerned. At the end of last month, Klasha, an Africa-based cross-border payments company, partnered with Singapore-headquartered digital payments firm FOMO Pay with a view towards better enabling Asian merchants to trade with African businesses over crypto-enabled payment rails. A recent Chainalysis report revealed Asia as the largest cryptocurrency market globally. Its crypto adoption index prominently featured Asian nations such as India, Thailand and Vietnam among the top grouping of nations where adoption of the digital asset innovation is concerned. Bitpowr co-founder Amarachi Amaechi is equally enthused about Asian market growth opportunities. She stated: “There is a good demand from Asia right now. We are seeing increasing representation in transaction volume which also translates to an increase in revenue for us.”   Amaechi outlined that the firm intends to hire people from Asian countries in order to market the company’s service offering in those markets. Focus on Southeast AsiaLooking ahead, Bitpowr is setting its sights on expanding further into the Asian market, particularly in Southeast Asia, while maintaining its operations in Africa. The company aims to establish its ledger and wallet infrastructure during this strategic expansion. Bitpowr has also announced that it has achieved SOC 2 compliance, meaning that it follows strict information security policies and procedures. It has also initiated the implementation of the ISO 27001 audit process through its partnership with New York-headquartered compliance specialist Thoropass. The company's expansion into the Asian market is anticipated to not only accelerate its own growth but also offer customers in the region access to innovative digital asset solutions, supporting them in achieving their financial goals.