Sygnum Singapore, a subsidiary of the Swiss crypto bank Sygnum, is expanding its services after receiving new approval from local authorities.
The company announced on Tuesday that Sygnum Singapore has received preliminary approval from the Monetary Authority of Singapore (MAS) to offer three more regulated activities under a Capital Markets Services (CMS) license. The CMS license was originally issued in 2019, and allows Sygnum Singapore to carry out asset management activities.
The latest regulatory approval in principle upgrades Sygnum Singapore to include new tools such as providing corporate financial advisory services, managing token capital market and digital asset market products, and providing asset custody and security token services.
After arranging side events, Sygnum plans to offer its own coding solution in Singapore, with an initial focus on coding the fund’s modules. The company intends to start with its newly established SBI-Sygnum-Azimut Digital Asset Opportunity Fund. Future projects also include providing business finance advice to Web3 platforms and digital creators, as well as work on digital assets, non-fungible tokens (NFT) and metaverse assets.
Sygnum operates its own token platform in Switzerland, which allows assets to issue tokens representing a fraction of ownership of various traditional securities, digital assets and NFTs. Some of Sygnum’s NFT-inspired coding work includes the Picasso board and the CryptoPunk NFT board.
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The latest news comes shortly after Sygnum raised $ 90 million in a $ 800 million Series B funding round in early January 2022. Leading the increase was Hong Kong-based alternative investment firm Sun Hung Kai & Co. Meta Investments.