Sygnum, the first cryptocurrency bank, has received a banking license from the Monetary Authority of Singapore (MAS) to operate in the country. Targeting accredited investors and institutions with a multi-manager fund, Sygnum can now debut its first product for the Singapore market.
The license that Sygnum received from the MAS is a capital markets services (CMS) license to conduct activities regulated under the Securities and Futures Act.
Stefan Mueller, Sygnum’s head of asset management, said in a press release, “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.”
Hong Kong and Europe are among the territories that Sygnum is planning to enter. Peter Wuffli, the former chief of UBS and current CEO of Sygnum, commented on the company’s expansion in the cryptocurrency market.
“Thousands of clients have contacted us for a one-stop-shop for asset custody, loans and trading cryptocurrencies seamlessly with fiat currencies,” he said.
Sygnum’s license from the MAS underscores the company’s plan for the Singapore market which positions itself as a country conducive to blockchain and cryptocurrency businesses.
As a government entity, the MAS seeks to integrate new technologies with the work of the public sector. The financial regulator has launched Project Ubin, set to commence next year, to experiment on the use of distributed ledger technology for inter-bank payments.
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