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Crypto Services In Singapore
Singaporean subsidiary of Swiss crypto bank receives regulatory approval to offer more virtual asset services within the Southeast Asian country. The green light has been given in principle and is yet to take full effect.
MAS Approve Sygnum for Regulated Crypto Services
According to a report released on Tuesday (March 8, 2022), Sygnum Singapore has been approved by the country’s Monetary Authority of Singapore (MAS) to provide investors in the country with three extra facilities related to cryptocurrencies and digital assets.
Sygnum Singapore is an affiliate of the crypto bank Sygnum. The financial institution currently has its headquarters in Switzerland and holds a capital markets service (CMS) license issued back in October 2019. Prior to the latest development, Sygnum Singapore was only regulated to offer asset management services.
Although the latest approval from Singapore’s top financial watchdog is still in principle, details regarding the additional services Sygnum will offer investors in the country have been disclosed.
The report reveals that the financial firm is set to provide corporate finance advisory services to organizations looking to raise capital. This service will also cover technical expertise on tokenized capital markets products with a focus on digital assets regulatory compliance.
Furthermore, Sygnum will offer broad-based access to fully-regulated investment options for licensed institutional investors. Finally, the Swiss-based bank will offer custodial services for asset and security tokens.
Word from Sygnum Officials
Commenting on the new approval, Sygnum Singapore CEO and co-founder Gerald Goh praised regulators in the country for building a policy-friendly destination for trusted financial institutions. Goh also highlighted the growing demand for financial services providers focused on digital assets. An excerpt from Goh’s comments reads:
“With the recent conclusion of our Series B fundraise, we are committed to accelerating the expansion of our suite of offerings in the financial hub. These three additional activities that Sygnum will be able to conduct enable us to provide asset managers and Web3 players in Singapore a new, fully-regulated platform to raise capital and attract a wider investor base by leveraging blockchain technology.”
Expanding on what Goh said, Sygnum Group CEO Mathias Imbach added that professional investors should not have to deal with the existing technological, regulatory, and portfolio-related obstacles associated with cryptocurrencies. Imbach also said that digital assets, non fungible tokens (NFTs), and the burgeoning metaverse space offer a plethora of opportunities to capitalize on. Imbach had this to say:
“The extension of our offerings into the Singapore market will provide investors 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.”
Singapore’s Crypto-Friendly Policies
Singapore has gained attention for its flexible regulatory framework pertaining to cryptocurrencies in recent times. The country’s MAS previously licensed the brokerage division of DBS bank to offer crypto services to asset managers and institutions.
Singapore also opened its doors to crypto asset management and lending firm, Babel, back in 2021.
FastTrack Crypto Regulation
In other news, This situation in Russia seems to have forced the hands of both the US and European authorities to hasten their proposed regulation of cryptocurrency. Now, we are expecting regulations from the US and Europe within this week and the next.
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