Swiss crypto bank Sygnum Singaporereceived principal approval. Sygnum Singapore, a subsidiary of Swiss-based cryptocurrency bank Sygnum, is on the path to expanding its services after receiving new regulatory approval from local authorities.
In today’s statement, Sygnum Singapore’s Capital Markets Services (CMS) license It has been announced that it has received approval from the Monetary Authority of Singapore (MAS) to offer three additional regulated activities under
📰 📣 News >>> Sygnum Singapore secures in-principle approval to expand regulated activities, enabling fully-regulated tokenization solutions for the growing Web3 ecosystem.
📰 Read our press release here >>> https://t.co/1zv39wYcER#FutureFinance #digitalassetsbank #web3 #aua
— Sygnum Bank (@sygnumofficial) March 8, 2022
The news comes after Sygnum raised $90 million in its Series B funding round in early January 2022, valuing the company at $800 million.
The CMS license was initially granted to Sygnum Singapore in 2019, enabling the company to carry out asset management activities.
This updated regulatory approval will make it possible for the company to provide new services such as providing corporate financial advisory services, dealing with tokenized capital market products and digital assets, and providing oversight services for asset and security tokens.
Sygnum, which has also solved the tokenization problem with the latest regulations, plans to do this by focusing on the tokenization of fund units in Singapore.
The firm especially plans to start with the newly launched venture capital fund SBI-Sygnum-Azimut Digital Asset Opportunity. Future projects include corporate finance advice to Web3 platforms and digital creators, as well as work on digital collections, NFTs and metaverse assets.