Sygnum, a Swiss crypto bank, has received in-principle approval from the Monetary Authority of Singapore to expand its digital asset offerings on 8 March.
Sygnum, which already held Singapore’s Capital Markets Services (CMS) license, will now be able to carry out three additional regulated activities after the approval.
As per the release, Sygnum will now be able to “leverage its existing tokenization and corporate finance capabilities to provide innovative asset managers and Web3 players in Singapore a fully-regulated capital raising solution…”
The services will now include corporate finance advisory to provide digital asset-focused expertise and wider access to the tokenized capital market. Additionally, Sygnum can now offer custodial services for asset and security tokens. Earlier, the crypto bank was only offering diversified exposure to digital assets under its CMS license.
Gerald Goh, Sygnum co-founder and Singapore CEO commented, “Singapore continues to be a welcoming destination for trusted financial institutions seeking to meet the growing demand for regulated digital asset financial services.”
It would not be wrong to see that Singapore is not only a crucial Asian market but also an important hub on the global crypto stage. A market that seems to have largely benefited from countries like China shutting doors to the asset class. Last year, MAS chief Ravi Menon had also reiterated that Singapore is aiming to lead the crypto race. Despite that, the regulatory has not stopped from raising potential risks of the sector. Keeping that in mind, MAS had issued guidelines to discourage Digital Payment Token service providers from promoting their services to the general Singaporeans earlier in January.
On the contrary, the country has been swift to hand out licenses allowing crypto players to expand services. Sygnum’s approval comes after the crypto bank had hit $800 million in valuation just earlier this year, after attention from large institutional investors. Post which, the company is looking to capture the business interest of asset managers and Web3 players.
Mathias Imbach, Sygnum Co-Founder and Group CEO noted, “The extension of our offerings into the Singapore market will provide investors access to a team of blockchain, legal and asset management experts, and a trusted platform with an operational track record, to invest in the latest Web3 opportunities with complete trust and peace of mind.”
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