Cryptocurrency bank Sygnum approved in Switzerland for Singapore Banking License

Cryptocurrency bank Sygnum approved in Switzerland for Singapore Banking License

Cryptocurrency bank Sygnum approved in Switzerland for Singapore Banking License

Sygnum, a Swiss cryptocurrency bank, has received the green light to offer its banking services in Singapore.

First cryptocurrency bank

The bank was the first company in Switzerland with the title cryptocurrency bank. Since then, the company has plans for expansion to several countries, including Singapore. Sygnum has now received a CMS (Capital Market Services) license from the monetary authority of Singapore, the central bank in the Asian state.

This license has been an important milestone for the bank to set up an asset management arm, according to Sygnum.

Crypto-friendly conditions

Singapore openly embraces cryptocurrency. It is, therefore, becoming a cryptocurrency-friendly environment for cryptocurrency and blockchain companies. The bank is a good first step in this regard. More companies are expected to follow in the near future.

In addition to Singapore, Sygnum is also looking for expansion to other markets such as Europe and Hong Kong. With this, the bank wants to use the full potential of the cryptocurrency market, so that the bank may be able to serve thousands of (new) customers.

About Shawn Morrison 266 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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