Swiss crypto banking group Sygnum advised CryptoSlate that it has secured a crypto license in Liechtenstein by way of its native subsidiary.
In line with a Sept. 23 assertion, the agency mentioned its Liechtenstein subsidiary Sygnum Europe AG had been registered with the nation’s Monetary Market Authority (FMA) as a service supplier underneath the Token and Trusted Expertise Service Supplier Act (TVTG).
This license permits the agency to supply regulated digital asset providers, together with brokerage, custody, and B2B banking.
Strategic entry into EU
By establishing a presence in Liechtenstein, Sygnum can capitalize on the nation’s aligned rules with the EU, notably the upcoming Markets in Crypto-Property Regulation (MiCA).
The MiCA regulation, lately authorised by the European Union, goals to create a regulated digital asset setting that protects crypto customers whereas selling innovation. This framework permits licensed corporations to function throughout all 27 EU member states and EEA international locations like Liechtenstein.
So, the Liechtenstein license positions Sygnum for a deliberate entry into all 30 EU states and different EEA markets by Q1 2025. Martin Burgherr, the financial institution’s Chief Shoppers Officer, mentioned:
“The registration as CASP in Liechtenstein paves the best way for a big growth of our regulated footprint into the EU, the world’s largest buying and selling bloc.”
Along with its EU ambitions, Sygnum plans to increase into Hong Kong by way of its Singapore-regulated digital asset monetary providers platform. The financial institution has lately made important strides in markets like Luxembourg and Abu Dhabi.
In the meantime, Sygnum’s growth plans align with its rising profitability. In January 2024, the agency raised over $40 million in an oversubscribed funding spherical, rising its valuation to $900 million. At present, Sygnum holds greater than $125 million in core fairness capital.
This yr, the financial institution has cast key partnerships with PostFinance for a crypto service and with Hamilton Lane and Constancy for tokenization initiatives. Moreover, Sygnum issued a $50 million Bitcoin-backed syndicated mortgage to Ledn, a crypto lending platform.
