Swiss crypto-bank Sygnum obtains approval for digital asset trading

Sygnum, a major cryptocurrency bank in Switzerland, is preparing to finally introduce digital asset trading after receiving regulatory approval.

On September 1, Sygnum announcement that it has received regulatory approval from the Autorité de surveillance des marchés financiers, allowing the company to extend its services to a digital asset trading facility.

The new approval allows Sygnum to “cover the full life cycle of a security”, from services such as primary issuance, settlement and custody to secondary trading.

As part of the new features of Sygnum, users now have access to instant settlement via the digital Swiss franc (DCHF) stablecoin issued by Sygnum.

Along with the announcement of regulatory approval, Sygnum also revealed its intention to create two new entities in Switzerland. The new units will focus on promoting Sygnum’s blockchain expertise as well as launching new products and services developed by Sygnum’s regulated branch in Singapore.

Based in Zurich, Sygnum claimed to be the first Swiss company to win the title of cryptocurrency bank. The bank has considerably extended its services; After obtaining a Swiss banking license in August 2019, Sygnum was also licensed by the Monetary Authority of Singapore the following month.

Along with the custody of digital assets like Bitcoin (BTC), Sygnum is known as the first issuer of the digital franc. At the end of August, Switzerland’s largest online retailer, Galaxus, implemented Sygnum’s DCHF stablecoin as part of an online payment trial.