Sygnum Singapore, a subsidiary of Swiss-based crypto bank Sygnum, is expanding services after gaining new regulatory approval from local authorities.
The company Announced on Tuesday that Sygnum Singapore received approval in principle from the Monetary Authority of Singapore (MAS) to offer three additional regulated activities under the capital markets services (CMS) license. the The CMS license was initially granted in 2019, which enabled Sygnum Singapore to conduct asset management activities.
The latest regulatory approval in principle updates Sygnum Singapore to enable new tools such as providing corporate financial advisory services, dealing with tokenized capital market products and digital assets, as well as offering custody services for asset tokens and securities.
With the additional regulated activities, Sygnum plans to offer its tokenization solution in Singapore with an initial focus on fund unit tokenization. The firm specifically intends to start with its recently launched venture capital fund, the SBI-Sygnum-Azimut Digital Asset Opportunity fund. Future projects also include providing corporate finance advice to Web3 platforms and digital creators, as well as working on digital collectibles, non-fungible tokens (NFTs), and metaverse assets.
Sygnum is operating its own tokenization platform in Switzerland, allowing asset owners to issue tokens that represent fractional ownership of various traditional securities, digital assets, and NFTs. Some of Sygnum's NFT-inspired tokenization works include a digitized Picasso painting and a CryptoPunk NFT.
of first class #NFT #CryptoPunk 6808 has been tokenized by Sygnum Bank and will be available for #trade for Sygnum customers from January 2022 on our secondary market, SygnEX.
Read more about the first #crypto punk with your own bench in our recent blog post https://t.co/xVrWUGpfXu pic.twitter.com/ThZrWp1Frjโ Sygnum Bank (@sygnumofficial) January 3, 2022
Related: Singapore Megabank DBS Works to Expand Bitcoin Trading to Retail
The latest news comes shortly after Sygnum high $90 million in a Series B funding round valuing the company at $800 million in early January 2022. The raise was led by Hong Kong alternative investment firm Sun Hung Kai & Co. and also included investors such as Animoca Brands and Meta Investments from Canada.
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