Swiss crypto bank Sygnum secures in-principal approval in Singapore

Sygnum Singapore, a subsidiary of Switzerland-based cryptocurrency bank Sygnum, is all set to expand its services after receiving an additional regulatory license from the authorities.

Sygnum Singapore has received in-principle clearance from the Monetary Authority of Singapore (MAS) to offer three new regulated activities under its capital markets services (CMS) licence, according to the company. Sygnum Singapore gained CMS licence in 2019, facilitating them to carry out asset management tasks.

Additional regulated operations for which the company has gained in-principle authorisation include:

  • Corporate Finance Consultation 
  •  Dealing in Capital Markets Products that are securities and units in a collective investment scheme, and 
  • Assisting with Custodial Services.

The company will be able to conduct the new activities if it meets the terms of its in-principle authorisation from the Monetary Authority of Singapore (MAS).

Sygnum is looking forward to offering its tokenization solution in Singapore with the addition of regulated activities, keeping their  initial focus on the tokenization of fund units. The company plans to start with a newly created venture capital fund,  SBI-Sygnum-Azimut Digital Asset Opportunity fund. The company’s Future plans include offering advice for Web3 platforms and digital producers on corporate finance, as well as work on digital collectibles, non-fungible tokens (NFTs), and metaverse assets.

In Switzerland, Sygnum operates its own tokenization platform, allowing asset owners to create tokens representing fractional ownership of multiple traditional securities, digital assets, and non-fungible tokens. An artwork by Piccaso in a digitized form and a CryptoPunk NFT are two of the prominent Sygnum NFT-inspired tokenization initiatives.

The latest report comes after Sygnum raised $90 million in a Series B investment round in early January 2022, valuing the company at $800 million. Sun Hung Kai & Co., a Hong Kong alternative investment firm, led the round, which also included Animoca Brands and Meta Investments from Canada.

Shambhavi Soni
Shambhavi Soni

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