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Sygnum, a digital assets banking group based in Zurich and
Singapore, announced that it has obtained a crypto license in Liechtenstein.
The license was granted to its subsidiary in the country, allowing it to offer
regulated digital asset services, including brokerage, custody, and banking.
These services will be provided under Liechtenstein’s Token
and Trusted Technology Service Providers Act.
CASP License Pending MiCA Adoption
This license positions Sygnum to apply for a Crypto-Asset
Service Provider (CASP) license under the European Union’s Markets in
Crypto-Assets Regulation (MiCA) once Liechtenstein adopts the regulation.
Adoption is planned for the first quarter of 2025. The CASP license would
enable Sygnum to expand its services across the European Union.
Sygnum is part of a growing list of companies, including
Coinbase and Circle, that are preparing to expand in Europe as MiCA is
implemented. MiCA is a regulatory framework that applies specifically to the
cryptocurrency industry.
It allows companies that are licensed in one country
to operate across all 27 EU member states, as well as countries in the European
Economic Area, such as Liechtenstein. Switzerland, where Sygnum is based, is
not part of this group.
📣 News: Sygnum Obtains Crypto Licence in Liechtenstein, Paving the Way for EU expansionSygnum has taken a significant step toward its European expansion by registering its local subsidiary with the Liechtenstein financial regulator, FMA.▪️ Strategic move positions Sygnum for… pic.twitter.com/GnsrXEydfP
— Sygnum Bank (@sygnumofficial) September 23, 2024
Meanwhile, Sygnum’s
subsidiary in Singapore has received a full license from the Monetary
Authority of Singapore to offer digital payment token brokerage services, as
reported by Finance Magnates. The
license was granted four months after initial approval, adding to Singapore’s
roster of authorized DPT providers.
Regulatory Framework for EU Crypto
MiCA’s rules on stablecoins came into effect in June, with
other regulations expected by December. Meanwhile, EU countries have begun
accepting registrations for their CASP regimes.
“The registration as CASP in Liechtenstein paves the
way for a significant expansion of our regulated footprint into the EU, the
world’s largest trading bloc,” said Martin Burgherr, Sygnum’s Chief Clients
Officer.
This article was written by Tareq Sikder at www.financemagnates.com.
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