Sygnum, a digital asset manager that offers custody, brokerage, lombard credit and tokenization services to institutional and qualified private investors, describes itself as the “world’s first digital asset bank.”
On October 31, 2019, the group announced it had obtained a capital markets services license from the Monetary Authority of Singapore (MAS). This came after it obtained a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) in August 2019.
With licensure from two of the world’s most innovative financial centers, Sygnum may be in a better position to onboard institutional investors into the bitcoin and cryptocurrency markets. Its approval process in Singapore in particular may also portend the growth of the cryptocurrency industry in a welcoming environment.
New Regulatory Approval, New Institutional Investors
Though the regulatory approvals are relatively recent, Sygnum already had roots in Singapore and Switzerland. It’s backed by Singtel Innov8, the venture capital arm of Singaporean telecoms company Singtel Group. The digital asset bank also has a team of advisors made up of experienced Swiss bankers, including ex-Swiss National Bank president Philipp Hildebrand and former UBS CEO Peter Wuffli.
Mathias Imbach, co-founder and CEO of Sygnum, told Bitcoin Magazine that he was impressed by the professionalism and openness of the Singaporean regulators throughout its license application process. He also highlighted Sygnum’s emphasis on adhering to AML requirements, something that undoubtedly made the process easier.
“Anti-money laundering safeguards are always a pressing concern for regulators, and a challenge that is faced by every financial institution today,” Imbach said. “This translates even more so to digital assets. We have developed proprietary frameworks and tools around this topic,