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Swiss crypto bank successfully acquires a license to operate in Singapore

A crypto bank based on Switzerland has successfully obtained a license in Singapore that will allow it to provide digital asset investment strategies in the country.

Image via Unspash

Fri, 01 Nov 2019, 03:59 am UTC

Switzerland has been one of the first countries to explore and adopt blockchain technology following the industry’s growth in recent years. So it’s not surprising that the Switzerland-based cryptocurrency bank Sygnum has expanded its services to other territories.

In an announcement released by Sygnum yesterday, Oct. 31, the company revealed that it has successfully acquired a capital markets services (CMS) license from the Monetary Authority of Singapore (MAS). The license will allow Sygnum to provide asset management services in the country, with its endeavor geared towards investment strategies on digital assets.

Sygnum boasts a team of experts that are knowledgeable about multiple facets in the crypto industry and the company’s experience in this nascent market will be crucial in guiding investors accordingly. Sygnum Head of Asset Management Stefan Mueller said that obtaining the license is a significant step towards the direction in which Sygnum is heading.

A significant milestone

“The CMS license is an important milestone in 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,” Mueller said.

Singapore’s approval isn’t surprising either since the country is one of the early adopters of blockchain technology. Despite being a small island, Singapore is home to over 200 banking institutions, an industry that’s been deeply exploring this emerging innovation. And now, Sygnum has joined the fold.

Crypto regulation still in its early stages

The problem in Singapore is that the country has yet to put up a comprehensive law that would regulate the crypto industry in the country. But it isn’t just Singapore that’s struggling on this front as several governments are also trying to draft restrictions on the crypto market. Indeed, even the U.S. and U.K. are still hard at work in creating a regulatory framework that would protect crypto investors, while ensuring that the law isn’t tight enough that it will stifle the industry’s growth.

Meanwhile, China is trying to accelerate blockchain adoption in its system, with Chinese President Xi Jinping announcing last week the importance of the innovation. In the days following the endorsement, several Chinese sectors have launched blockchain initiatives, with projects ranging from countering tax evasion to putting up standards that govern blockchain-related products.

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