It was recently announced that Sygnum, a regulated digital asset bank, has received new licensure from the Monetary Authority of Singapore (MAS). The licensure awarded to the company is a Capital Markets Services (CMS) license.
While the company maintains headquarters within Switzerland, it maintains close ties to Singapore through talent and operational offices.
Capital Market Services Licence
Within the nation of Singapore, a company that wishes to provide services which fall under the purview of the Securities and Futures Act, a Capital Markets Services (CMS) licence is required.
The Monetary Authority of Singapore lists the following activities as being regulated – requiring such a licence.
- Dealing in capital markets products
- Advising on corporate finance
- Fund management
- Real estate investment trust management
- Product financing
- Providing credit rating services
- Providing custodial services for securities
With Sygnum eyeing a soon-to-launch ‘multi manager fund’ based on global digital assets, the issuance of a CMS licence is crucial. With this step out of the way, the company indicates that they can now look forward to their branches in both Switzerland and Singapore, operating and benefiting in unison.
By now, blockchain enthusiasts will have noticed that there are a few countries clearly leading the way forward with regards to the nascent technology.
With regards to digital securities, two of these nations are Switzerland and Singapore. Each of these countries have established themselves as hubs for innovation, through the issuance of clear regulatory guidelines, and support for industry participants. This has even led to many using the moniker ‘crypto valley’, when referring to companies based within a specific region of Switzerland known for friendly regulation.
Sygnum is in an especially strong position to establish themselves, as they now hold licensure within both of these leading nations. This should provide the company with the opportunity for great flexibility and diversity among their offerings/services.
Upon announcing their success in attaining a CMS licence, multiple representatives from Sygnum took the time to comment. The following statements elaborate on the development.
Stefan Mueller, Head of Asset Management at Sygnum, stated,
“The CMS licence is an important milestone to establishing our asset management arm, leveraging the vibrant financial environment in Singapore. This is complementary to our banking services in Switzerland and will also benefit our Swiss institutional and private qualified investor clients.”
Mathias Imbach, CEO of Sygnum, stated,
“Our dual location – in Singapore and Switzerland – is one of the cornerstones of our strategy. This is reflected across team, advisory council, board of directors as well as investor base. All have been instrumental in our achievements so far across both countries.”
Operating out of Zurich ‘Crypto Valley’, Switzerland, Sygnum is a global digital asset bank. Above all, the company works to provide financial services to the digital securities sector. These services include, but are not limited to, brokerage accounts, payment gateways, and more.
CEO, Mathias Imbach, currently oversees company operations.
The Financial Market Supervisory Authority (FINMA), is a Swiss regulatory body. The purpose/role of FINMA is to ensure fair and transparent activity among participants within financial markets.
The Monetary Authority of Singapore is, not only the nation’s central bank, but also the acting regulator overseeing the financial sector. Much like FINMA, they are tasked with ensuring fair and transparent markets.
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