The recent approval of the Swiss crypto bank is tailored towards providing asset management operations with its CMS license.
Sygnum Singapore, a subsidiary of Switzerland-based cryptocurrency bank Sygnum, is expanding its services after receiving an additional regulatory license from local authorities.
The Monetary Authority of Singapore (MAS) has given Sygnum Singapore in-principle approval to offer three more regulated activities under its capital markets services (CMS) license, the business reported Tuesday. Sygnum Singapore was given the CMS license in 2019, allowing them to execute asset management activities.
Sygnum Singapore has received in-principle regulatory clearance to enable new tools like corporate finance consulting services, dealing with tokenized capital market goods and digital assets, and providing asset and security token custodian services.
Sygnum wants to offer its tokenization solution in Singapore with the addition of regulated activities, with an initial focus on the tokenization of fund units. The SBI-Sygnum-Azimut Digital Asset Opportunity Fund, a newly created venture capital fund, is where the company plans to start. Future projects include advising Web3 platforms and digital producers on corporate finance, as well as work on digital collectibles, non-fungible tokens (NFTs), and metaverse assets.
In Switzerland, Sygnum operates its tokenization platform, allowing asset owners to create tokens representing fractional ownership of various traditional securities, digital assets, and non-fungible tokens. A digitized Picasso artwork and a CryptoPunk NFT are two of Sygnum’s NFT-inspired tokenization initiatives.
The newest report comes after Sygnum raised $90 million in a Series B investment round in early January 2022, valuing the company at $800 million. Sun Hung Kai & Co., a Hong Kong alternative investment firm, led the round, which also included Animoca Brands and Meta Investments from Canada.