After receiving additional regulatory licence from local authorities, Sygnum Singapore, a subsidiary of Switzerland-based cryptocurrency bank Sygnum, is expanding its services.
The Monetary Authority of Singapore (MAS) has given Sygnum Singapore in-principle approval to offer three more regulated activities under its capital markets services (CMS) licence, the business reported Tuesday. Sygnum Singapore was given the CMS licence in 2019, allowing them to execute asset management activities.
Sygnum Singapore has received in-principle regulatory clearance to enable new tools like corporate finance consulting services, dealing with tokenized capital market goods and digital assets, and providing asset and security token custodian services.
In Switzerland, Sygnum runs its own tokenization network, allowing asset owners to create tokens representing fractional ownership of various traditional securities, digital assets, and non-fungible tokens. A digitised Picasso artwork and a CryptoPunk NFT are two of Sygnum’s NFT-inspired tokenization initiatives.
The newest report comes after Sygnum raised $90 million in a Series B investment round in early January 2022, valuing the company at $800 million. Sun Hung Kai & Co., a Hong Kong alternative investment firm, led the round, which also included Animoca Brands and Meta Investments from Canada.
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