SUBMIT PRESS RELEASE
  • Facebook
  • Twitter
  • LinkedIn
  • RSS
Coinfomania
  • News
    • Crypto
    • DeFi
    • NFTs
    • Regulation
    • Press Release
  • Beginner Guides
    • Bitcoin
    • Ethereum
    • Solana
    • NFTs
  • Price Analysis
  • Interviews
  • Crypto Swaps 🔥
  • Crypto Merch
  • About Us
  • News
    • Crypto
    • DeFi
    • NFTs
    • Regulation
    • Press Release
  • Beginner Guides
    • Bitcoin
    • Ethereum
    • Solana
    • NFTs
  • Price Analysis
  • Interviews
  • Crypto Swaps 🔥
  • Crypto Merch
  • About Us
Swiss First Licensed Crypto Bank Sygnum Plans Expansion to Singapore
Ibiam Wayas August 28, 2019 5:15 PM

Sygnum, one of the first approved crypto-focused bank by the Financial Market Supervisory Authority (FINMA) in Switzerland wants to expand its cryptocurrency-related banking services to Singapore.

The bank initially obtained a conditional banking and securities dealer license from the FINMA to provide services in Switzerland. However, today, it plans to apply for a full banking license in the island nation to see its operations in Singapore once it becomes a full regulation-compliance Swiss bank.

According to the report, cryptocurrencies are quite not a thing for the Singaporeans, given that cryptocurrency-related financial services are hardly found in the country, and traditional lenders have tended to avoid digital assets as a market.

However, Sygnum wants to offer asset-management business as the first step into financial service in Singapore, as the co-founders, Mathias Imbach and Gerald Goh revealed in a phone interview that they are in talks with regulators and also petitioned for a capital markets services license.

Goh, who is also the chief strategy officer, said, “In order for us to provide a full suite of services, we need to operate as a bank” in Singapore. While the company expects to become a full bank in Switzerland this year, he added.

As reported, Sygnum will offer custody, tokenization, and brokerage services for digital assets to qualified investors and institutions, as a fully regulated bank.

It plans to issue, trade, store, and manage the digital assets such as Bitcoin (BTC) and Ether (ETH), and equally convert fiat currencies, including Swiss Francs, Singapore and U.S. dollars and Euros back to BTC and ETH, once it becomes a Swiss bank. 

While Sygnum still waits for the final clearance and procedure to become a bank in Switzerland, the company is reportedly conducting due diligence on customers’ compliance with the anti-money laundering rules, Imbach said.

As Coinfomania reported, the Swiss regulator recently released its new regulation for blockchain payments. According to the watchdog, only FINMA supervised and licensed companies can carry out crypto-related transactions with verified customers in the country as the “inherent anonymity of blockchain technology presents increased risks.”

Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!

Bitcoin (BTC) Blockchain Cryptocurrencies Ether (ETH) Regulation Singapore Switzerland Sygnum

About the Author

Ibiam Wayas View all posts by Ibiam Wayas

Ibiam Wayas is an optimistic crypto news reporter who also enjoys graphics designing and tech writing.

He is an introvert and loves to associate with like minds working on similar goal and ambitions. Ibiam spends much of his time on the internet studying facts that will help him excel in the digital economy.

« Previous Post
Next Post »
Press Releases
Filecoin (FIL) vs Cardano (ADA) – Here’s Why Investors Prefer Orbeon Protocol (ORBN)
Press Release

Filecoin (FIL) vs Cardano (ADA) – Here’s Why Investors Prefer Orbeon Protocol (ORBN)

HeartX Launches Web3 Marketplace and Community Aim to Revolutionize Digital Art Industry
Press Release

HeartX Launches Web3 Marketplace and Community Aim to Revolutionize Digital Art Industry

Fantom (FTM) vs. Tron (TRX); Here’s Why Cosmos (ATOM) and Orbeon Protocol (ORBN) Are Must-Have Cryptos for Your Portfolio in 2023
Press Release

Fantom (FTM) vs. Tron (TRX); Here’s Why Cosmos (ATOM) and Orbeon Protocol (ORBN) Are Must-Have Cryptos for Your Portfolio in 2023

Filecoin’s (FIL) FVM, and Arweave’s (AR) 2.6 Launch Unable to Attract Investors, as They Rush Towards TMS Network’s (TMSN) Presale
Press Release

Filecoin’s (FIL) FVM, and Arweave’s (AR) 2.6 Launch Unable to Attract Investors, as They Rush Towards TMS Network’s (TMSN) Presale

Beginner Guides
Who Are Crypto Whales? The Only Article You Need to Read
Beginner Guides

Who Are Crypto Whales? The Only Article You Need to Read

What Is Solend and How Does It Work?
Beginner Guides

What Is Solend and How Does It Work?

What is Polkadot (DOT) and How to Buy It?
Beginner Guides

What is Polkadot (DOT) and How to Buy It?

What Is an Exchange Token in Crypto? Explained for Beginners
Beginner Guides

What Is an Exchange Token in Crypto? Explained for Beginners

Price Analysis
Bitcoin Analysis: BTC Flips $28k in its Latest Rally. How High Will it go?

Bitcoin Analysis: BTC Flips $28k in its Latest Rally. How High Will it go?

Guides

About Us

Bitcoin

Ethereum

Solana

Polygon

Ronin

NFTs

Web3

Metaverse

Company

About Us

Contact

Corrections

Privacy

Terms

Sitemap

Community
  • Facebook
  • Twitter
  • LinkedIn
  • RSS
Disclaimer

Information found on this website is those of the writers quoted. It does not represent the opinions of Coinfomania on whether to buy, sell, or hold any investments. Readers must conduct their own research before making any investment decisions. Use the provided information at your own risk.

Coinfomania Copyright © 2023.
  • bitcoinBitcoin (BTC) $ 28,300.00 0.53%
  • ethereumEthereum (ETH) $ 1,775.11 2.58%
  • bnbBNB (BNB) $ 338.41 0.41%
  • xrpXRP (XRP) $ 0.382121 3.08%
  • solanaSolana (SOL) $ 22.72 1.96%
  • terra-luna-2Terra (LUNA) $ 1.42 4.2%
Scroll to top
Skip to content