Swiss crypto bank Sygnum gets principal approval in Singapore

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

Company announced On Tuesday, Sygnum Singapore received approval in principle from the Monetary Authority of Singapore (MAS) to offer three additional regulated activities under a Capital Markets Services (CMS) license. The CMS license was initially granted in 2019, enabling Sygnum Singapore to conduct wealth management business.

The latest regulatory approval in principle enhances Sygnum Singapore to enable new tools such as providing corporate finance advisory services, handling tokenized capital market products and digital assets, as well as offering asset custody services and security tokens.

With the additional regulated business, Sygnum plans to offer its tokenization solution in Singapore, with an initial focus on the tokenization of fund units. The company specifically plans to start with its recently launched venture capital fund, the SBI-Sygnum-Azimut Digital Asset Opportunity fund. Future projects will also include providing corporate finance advice to Web3 platforms and digital creators, as well as work on digital collectibles, non-replaceable 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: Singapore Megabank DBS Is Working To Expand Bitcoin Trading To Retail

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

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