Crypto Bank Sygnum Receives Green Signal From Monetary Authority of Singapore
Sygnum, Swiss-headquartered cryptocurrency bank, has received the green signal to start providing banking services in Singapore. In its blog post, Sygnum, which received a Swiss banking license in August 2019, can now start offerings its products in the Singapore market.
Notably, the first company to be designated as cryptocurrency bank was Sygnum will debut in its home turf. Initially, the firm intends to market a multi-manager fund among accredited investors and institutions.
The Monetary Authority of Singapore (MAS), which is the de facto central bank of the city state, has issued capital markets services (CMS) license to Sygnum.
Stefan Mueller, Sygnum’s head of asset management, opined that it is a milestone in the company’s history. Mueller said
“The CMS license is an important milestone to establishing our asset management arm, leveraging the vibrant financial environment in Singapore. This is complementary to our banking services in Switzerland and will also benefit our Swiss institutional and private qualified investor clients.”
As it can be understood, Singapore carries on with the tradition of providing a friendly environment for blockchain and cryptocurrency focused companies.
MAS also backs integration of path breaking technologies with activities of State and beyond, with its Project Ubin funding program set to begin operations in 2020.
Sygnum, in the meantime, is also planning to expand into Hong Kong and other European markets. Last month, Peter Wuffli, Sygnum’s chief executive and former UBS head, highlighted his interest to capitalize on the potential of the cryptocurrency market.
He disclosed interest received from numerous clients.
“Thousands of clients have contacted us for a one-stop-shop for asset custody, loans and trading cryptocurrencies seamlessly with fiat currencies.”