• Following approval, cryptocurrency bank Sygnum plans to expand its digital asset offerings in Singapore

  • On March 8, Sygnum, a Swiss crypto bank, gained in-principle clearance from Singapore’s Monetary Authority to extend its digital asset offerings.

    Sygnum, which already held a Capital Markets Services (CMS) license in Singapore, will now be authorized to conduct three additional regulated activities as a result of the permission.

    Sygnum will now be able to “use its existing tokenization and corporate finance skills to give creative asset managers and Web3 players in Singapore with a fully-regulated capital raising solution,” according to the statement.

    Corporate finance advising will now be added to the offerings to provide digital asset-focused knowledge and more access to the tokenized capital market. Sygnum can now provide provide custodial services for asset and security tokens. Previously, under its CMS license, the crypto bank only provided diversified exposure to digital assets.

    “Singapore continues to be a friendly place for trustworthy financial institutions aiming to address the growing need for regulated digital asset financial services,” said Gerald Goh, Sygnum co-founder and Singapore CEO.

    It would not be incorrect to say that Singapore is not only an important Asian market, but also a key hub on the global crypto stage. A market that appears to have benefited greatly from countries such as China closing their doors to the asset class. Last year, MAS chief Ravi Menon reiterated Singapore’s intention to lead the crypto race. Despite this, regulators have continued to raise concerns about the sector’s potential hazards. Keeping this in mind, MAS established recommendations in January to dissuade Digital Payment Token service providers from promoting their services to public Singaporeans.

    On the contrary, the country has been quick to issue licenses that allow crypto players to extend their services. Sygnum’s permission comes after the crypto bank’s valuation reached $800 million earlier this year, thanks to interest from huge institutional investors. Following that, the company hopes to pique the interest of asset managers and Web3 participants.

    “The extension of our offerings into the Singapore market will provide investors access to a team of blockchain, legal, and asset management experts, as well as a trusted platform with an operational track record, to invest in the latest Web3 opportunities with complete trust and peace of mind,” said Mathias Imbach, Sygnum Co-Founder and Group CEO.

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