Swiss crypto bank Sygnum secures license in Liechtenstein for EU expansion

The Swiss crypto banking group Sygnum stated this CryptoSlate that it has obtained a crypto license in Liechtenstein by means of its native subsidiary.

In keeping with a press release on September 23, the corporate stated its Liechtenstein subsidiary Sygnum Europe AG had been registered with the nation’s Monetary Market Authority (FMA) as a service supplier beneath the Token and Trusted Know-how Service Supplier Act (TVTG).

This license permits the corporate to supply regulated digital asset companies together with brokerage, custody and B2B banking.

Strategic accession to the EU

By establishing a presence in Liechtenstein, Sygnum will be capable of reap the benefits of the nation’s regulatory alignment with the EU, particularly the upcoming Markets in Crypto-Property Regulation (MiCA).

The MiCA regulation, lately accepted by the European Union, goals to create a regulated digital asset atmosphere that protects crypto customers whereas selling innovation. This framework permits licensed firms to function in all 27 EU member states and EEA nations resembling Liechtenstein.

The Liechtenstein license thus positions Sygnum for a deliberate entry into all 30 EU states and different EEA markets by the primary quarter of 2025. Martin Burgherr, the financial institution’s Chief Shoppers Officer, stated:

“The registration as a CASP in Liechtenstein paves the best way for a big enlargement of our regulated footprint within the EU, the world’s largest buying and selling bloc.”

Along with its EU ambitions, Sygnum plans to increase into Hong Kong by means of its Singapore-regulated digital asset monetary companies platform. The financial institution has lately made vital progress in markets resembling Luxembourg and Abu Dhabi.

In the meantime, Sygnum’s enlargement plans are in keeping with rising profitability. In January 2024, the corporate raised greater than $40 million in an oversubscribed funding spherical, boosting its valuation to $900 million. Presently, Sygnum has greater than $125 million in core capital.

This yr, the financial institution signed main partnerships with PostFinance for a crypto service and with Hamilton Lane and Constancy for tokenization tasks. Moreover, Sygnum issued a $50 million Bitcoin-backed syndicated mortgage to Ledn, a crypto lending platform.