Swiss Crypto Bank Sygnum Gets Principal Approval in Singapore

Sygnum Singapore, a subsidiary of Swiss cryptocurrency bank Sygnum, is expanding its services after securing new regulatory approval from local authorities.

The company announced on Tuesday that Sygnum Singapore has received approval in principle from the Monetary Authority of Singapore (MAS) to offer three additional regulated activities under its Capital Markets Services (CMS) license. The CMS license was initially granted in 2019, allowing Sygnum Singapore to conduct asset management business.

Latest regulatory approval in principle upgrades Sygnum Singapore to enable new tools such as providing corporate finance advisory services, managing capital market products and tokenized digital assets, as well as offering custodial services for assets and security tokens.

With the additional regulated activities, Sygnum plans to bring its tokenization solution to Singapore with an initial focus on fund share tokenization. The company specifically intends to start with its new venture capital fund, the SBI-Sygnum-Azimut Digital Asset Opportunity fund. Future projects also include providing corporate finance advice to Web3 platforms and digital creators, as well as work on digital collectibles, non-fungible tokens (NFTs), and metaverse assets.

Sygnum operates its own tokenization platform in Switzerland, allowing asset owners to issue tokens representing fractional ownership of various traditional securities, digital assets and NFTs. Some of Sygnum’s NFT-inspired tokenization works include a digitized Picasso painting and a CryptoPunk NFT.

Related: Singaporean megabank DBS is working to expand retail bitcoin trading

The latest news comes shortly after Sygnum raised $90 million in a Series B funding round valuing the company at $800 million in early January 2022. The raise was led by the investment firm Hong Kong alternative Sun Hung Kai & Co. and also included investors like Animoca Brands. and Meta Investments of Canada.