Sygnum Singapore, a digital asset services provider, has stated that the Monetary Authority of Singapore (MAS) has given it in-principle authorisation to execute further activities under its Capital Markets Services (CMS) licence. Following full approval, the company will be able to provide capital raising options to asset managers and Web3 players in the region in a regulated environment. In Singapore, Sygnum wants to expand its tokenization service.
Sygnum made the statement after completing a substantial funding round in January 2022. The digital asset services firm raised $90 million in a Series B fundraising round and was valued at $800 million.
The in-principle clearance, according to Gerald Goh, Sygnum’s Co-Founder and CEO of Singapore, will enable the company to extend its footprint in the developing market of Singapore. Advising on corporate finance, dealing in capital market products such as securities and units in a collective investment plan, and providing custodial services are among the other regulated activities for which Sygnum has acquired in-principle authorisation.
Sygnum Pte. Ltd’s Singapore Capital Markets Services licence is the only one in the region governed by the Monetary Authority of Singapore (MAS).
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