Digital Asset Trading License Granted to Straits Millennium by Singaporean Authorities
Straits Millennium, a digital asset arm of the global Straits Financial Group, has secured a Major Payment Institution (MPI) license from Singapore's central bank, the Monetary Authority of Singapore (MAS). This license allows Straits Millennium to provide cryptocurrency trading services to institutional clients.
The MPI license was granted following an in-principle approval announced earlier this year. The expansion of traditional finance firms into regulated crypto services may signal a broader acceptance and integration of digital assets into mainstream finance.
Straits Financial Group, which operates across commodities, derivatives, and financial brokerage services globally, is now set to extend its traditional finance expertise into digital assets. Group CEO Jeremy Ang stated that clients are increasingly seeking professional digital asset access to complement trading and investment strategies.
Chew Min Wei, the Head of Digital Assets at Straits Millennium, will oversee the firm's digital asset operations and strategy. Wei mentioned the intention to apply traditional finance client relationships to the crypto sector. The hiring of a larger team with expertise in compliance, operations, and client coverage indicates a commitment to ensuring a secure and compliant digital asset service.
The company has increased its team size by 40% year-over-year, reflecting its growing focus on digital assets. The MAS has established comprehensive licensing requirements for digital asset service providers, attracting international firms seeking regulatory clarity.
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. The authorization allows Straits Millennium to facilitate exchanges between digital payment tokens and fiat currencies on a regulated basis.
The increased regulatory clarity in Singapore may attract more international firms to establish crypto businesses in the country. Singapore maintains its position as a leading jurisdiction for regulated crypto businesses in Asia due to the license approval. The growth in traditional finance firms offering regulated crypto services suggests a growing interest in digital assets in Singapore.
Straits Millennium emphasized its focus on compliance, security, and institutional-grade risk management in its service approach. The company's entry into regulated crypto services adds to the growing number of traditional finance firms in Singapore offering such services. This development underscores the potential for digital assets to become a significant part of the mainstream financial landscape.
