Crypto Bank Sygnum Gets Green Light From Singapore Regulator

Sygnum gets nod to expand digital asset services

Holding a Singapore Capital Markets Services (CMS) license for asset management since 2019, Sygnum Bank today announced primary approval from the Monetary Authority of Singapore (MAS) for three additional regulated activities under its CMS license.

The three additional activities include:

  • Corporate finance advisory services.
  • Trading in capital market products.
  • Provide child care services.

Sygnum Bank will initially focus on fund unit tokenization and its new SBI-Sygnum-Azimut Digital Asset Opportunity Fund.

Going forward, Sygnum plans to:

  • Provide corporate finance advisory services to Web3 platforms and digital creators.
  • Secure rare digital collectibles, NFTs, and Metaverse assets, including virtual LANDs and game items.

Sygnum approval is a boost for Singapore hub aspirations

Singapore and the MAS have been particularly active in the area of ​​digital assets. Despite mixed regulatory signals, the Republic’s status as a global digital asset hub continues to evolve.

In 2021, Binance withdrew its application in Singapore for apparently failing to meet KYC and AML requirements. Since then, the MAS has also banned advertising on crypto exchanges in public.

Despite the strict rules, the crypto market sees Singapore as Asia’s crypto-asset hub. Regulatory uncertainty has plagued some major digital asset jurisdictions and crypto players.

In contrast, the Singapore government has provided a regulatory framework that encompasses digital assets with the appropriate level of oversight.

This week, Singapore government investment vehicle Temasek hit the crypto newsfeeds. Temasek reportedly led a new fundraiser for Australian startup NFT Immutable. A $200 million funding round brought Immutable’s valuation to $2.5 billion, with investors including Tencent Holdings, Mirae Asset, and Declaration Partners, among others.

In February, Temasek led a $200 million seed round for Amber Group, a global digital asset platform.

Temasek’s involvement in major fundraising campaigns is likely strategic as Singapore seeks to further cement itself as a global hub for digital assets.