Swiss crypto banking group Sygnum advised CryptoSlate that it has secured a crypto license in Liechtenstein through 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 Know-how Service Supplier Act (TVTG).
This license permits the agency to supply regulated digital asset companies, 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-Belongings Regulation (MiCA).
The MiCA regulation, not too long ago permitted by the European Union, goals to create a regulated digital asset surroundings that protects crypto customers whereas selling innovation. This framework permits licensed firms 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 Purchasers Officer, mentioned:
“The registration as CASP in Liechtenstein paves the way in which for a big enlargement 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 through its Singapore-regulated digital asset monetary companies platform. The financial institution has not too long ago made vital strides in markets like Luxembourg and Abu Dhabi.
In the meantime, Sygnum’s enlargement 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. Presently, 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.