Sygnum, a Swiss crypto bank, received approval in principle of the Monetary Authority of Singapore to expand its digital asset offerings March 8.
Sygnum, which already held Singapore’s Capital Markets Services (CMS) license, will now be able to conduct three additional regulated activities after approval.
According to 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 with a fully regulated capital raising solution. .”
Services will now include corporate finance advice to provide expertise focused on digital assets and broader access to the tokenized capital market. Additionally, Sygnum can now offer custody services for assets and security tokens. Previously, the crypto bank only offered diversified exposure to digital assets under its CMS license.
Gerald Goh, Sygnum Co-Founder and CEO of Singapore, said, “Singapore continues to be a welcoming destination for trusted financial institutions looking 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 in the global crypto scene. A market that seems to have largely benefited from the closure of countries like China to the asset class. Last year, MAS chief Ravi Menon also reiterated that Singapore aims to lead the crypto race. Despite this, the regulations have not ceased to point out the potential risks of the sector. Bearing this in mind, MAS had issued guidelines to discourage digital payment token service providers from promoting their services to the general Singaporean public earlier in January.
On the contrary, the country has been quick to distribute licenses allowing crypto players to expand their services. Sygnum’s approval comes after the crypto-bank reached $800 million in valuation just at the beginning of this year, following the attention of major institutional investors. After which, the company seeks to capture commercial interest from asset managers and Web3 players.
Mathias Imbach, Sygnum Co-Founder and Group CEO, said: “Expanding our offerings to the Singapore market will give investors access to a team of blockchain, legal and asset management experts. , and a trusted platform with an operational history, to invest in the latest Web3 opportunities with confidence and peace of mind.”
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