Swiss crypto banking group Sygnum instructed CryptoSlate that it has secured a crypto license in Liechtenstein by way of its native subsidiary.
In response to a Sept. 23 assertion, the agency stated its Liechtenstein subsidiary Sygnum Europe AG had been registered with the nation’s Monetary Market Authority (FMA) as a service supplier beneath the Token and Trusted Know-how Service Supplier Act (TVTG).
This license allows the agency to supply regulated digital asset companies, together with brokerage, custody, and B2B banking.
Strategic entry into EU
By establishing a presence in Liechtenstein, Sygnum can capitalize on the nation’s aligned rules with the EU, notably the upcoming Markets in Crypto-Property Regulation (MiCA).
The MiCA regulation, just lately accepted by the European Union, goals to create a regulated digital asset surroundings that protects crypto customers whereas selling innovation. This framework allows licensed firms to function throughout all 27 EU member states and EEA international locations like Liechtenstein.
So, the Liechtenstein license positions Sygnum for a deliberate entry into all 30 EU states and different EEA markets by Q1 2025. Martin Burgherr, the financial institution’s Chief Purchasers Officer, stated:
“The registration as CASP in Liechtenstein paves the way in which for a big growth of our regulated footprint into the EU, the world’s largest buying and selling bloc.”
Along with its EU ambitions, Sygnum plans to develop into Hong Kong by way of its Singapore-regulated digital asset monetary companies platform. The financial institution has just lately made vital strides in markets like Luxembourg and Abu Dhabi.
In the meantime, Sygnum’s growth plans align with its rising profitability. In January 2024, the agency raised over $40 million in an oversubscribed funding spherical, rising its valuation to $900 million. At present, Sygnum holds greater than $125 million in core fairness capital.
This yr, the financial institution has solid key partnerships with PostFinance for a crypto service and with Hamilton Lane and Constancy for tokenization tasks. Moreover, Sygnum issued a $50 million Bitcoin-backed syndicated mortgage to Ledn, a crypto lending platform.
