Digital asset technology group Sygnum gets in-principle approvals from Singapore regulator to expand digital asset offerings
On 8th March Switzerland and Singapore-based digital asset technology
group Sygnum has received in-principle approval from the Monetary Authority of
Singapore to expand its digital asset product offerings.
After the approval, the company will be able to carry out three additional regulated activities under it. As per the release, on receiving full approval to conduct these additional activities in Singapore, Sygnum can offer a fully regulated capital-raising solution covering the entire value chain to leverage its existing tokenization and corporate finance capabilities to asset managers and Web3 players. This move will help the company to capture the business interest of asset managers and Web3 players. Further, for accredited, and institutional investors in Singapore who are looking for fully regulated investment opportunities into tokenized capital market products and digital assets, Sygnum will be able to assist them with a larger base for asset and security tokens.
Sygnum will provide multiple services. It includes corporate finance advisory service as well as digital asset focused technical, legal, and capital structuring expertise, wider access to the tokenized capital market products and digital assets, and support to raise capital. Custodial services for asset and security tokens will be the added service provided by Sygnum. Earlier diversified exposure to digital assets service was only provided by the crypto bank under its CMS license.
Recently Sygnum launches SBI- Sygnum Digital Assets Opportunity fund. It is planning to focus on the tokenization of fund units. Accredited and institutional investors will be able to subscribe to the fund with significantly smaller ticket sizes.
Gerald Goh, Sygnum co-founder, and Singapore CEO commented, “Singapore continues to be a welcoming destination for trusted financial institutions seeking to meet the growing demand for regulated digital asset financial services.” He further said, using the Series B fundraise the company is focussing to speed up the expansion of the set of offerings in the financial hub.
As per Sygnum Co-Founder and Group CEO, Mathias Imbach, investors will get access to a team of blockchain, legal and asset management experts, and a trusted platform with an operational track record, to invest in the latest Web3 opportunities with complete trust and peace of mind through the company's extension of newly added offing into the Singapore market.
The company is planning its future initiatives which include providing corporate finance advice to Web3 platforms and digital creators, and securitizing their rare digital collectibles, non-fungible tokens (NFTs) and assets metaverse like in the game items and virtual land.
The world’s first digital assets bank is the Swiss crypto bank Sygnum Bank which
was founded in 2017. It was established in Switzerland and Singapore after
obtaining a Swiss banking license and a Singapore asset management license.
This bank assists clients so that they can invest in the digital asset economy
safely and securely.
CBW - External Analyst