The Singapore-based subsidiary of Plus500 acquired a commodity broker license in the country, the company shared via an announcement on the London Stock Exchange’s RNS. The news comes to further strengthen the company’s commitment to extend its presence in the top Asian financial center and continue diversifying its product offering globally.
Plus500SG Pte. Ltd acquired the license from the International Enterprise Singapore, which is the government agency promoting international trade. The body is looking to attract global commodities traders to establish their Asian home-base in Singapore.
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The news is enabling the Singapore subsidiary of Plus500, which is already licensed by the Monetary Authority of Singapore to diversify its offering. The company has already set its foot in the region via a Capital Markets Services License granted to Plus500SG by the local financial regulator in December 2017.
Commenting on the news, the CEO of Plus500, Asaf Elimelech, said: “The addition of this licence demonstrates the positive momentum we are achieving in growth globally, following the announcement of the new licence granted in South Africa earlier this week.”
Brokers that are operating in Singapore via a Capital Markets Services Licence are mandated to get a commodity broker license in order to be able to offer to their clients commodities. With some jurisdictions treating cryptocurrencies as commodities, the company might have had to acquire the license to be able to offer cryptocurrency trading to its clients onboarded via the MAS licensed subsidiary.
The news comes to compliment a license announcement that the company made yesterday. The firm acquired a regulatory permit in South Africa that was the fuirst stepping stone for Plus500’s new operational base in South Africa.