Sygnum, a cryptocurrency bank based in Switzerland, has obtained a banking license to offer its services in Singapore, according to a bank’s announcement through its blog on October 31.
This company, pioneer in having the title of cryptocurrency bank, will target investors and accredited institutions with a fund of multiple administrators, which will also make its debut in its jurisdiction of origin.
The Singapore documentation consists of a capital market services (CMS) license from the Monetary Authority of Singapore (MAS), which is the Asian city state’s de facto central bank.
In the press release, Sygnum’s head of asset management, Stefan Mueller, said: “The CMS license is an important milestone for establishing our asset management arm, leveraging the vibrant financial environment in Singapore. This complements our banking services in Switzerland and will also benefit our Swiss institutional and private qualified investment clients.”
Apart from this expansion to Singapore, Sygnum targets other markets such as Hong Kong and other important European markets. It should be remembered that, in September, Peter Wuffli, CEO of the company and former UBS head, expressed his desire to tap the full potential that cryptocurrency market offers.