2 years ago
Prior to the latest approval, Sygnum Singapore was lone allowed to connection plus absorption activities with its CMS license.
Sygnum Singapore, a subsidiary of Switzerland-based cryptocurrency slope Sygnum, is expanding services aft securing caller regulatory support from section authorities.
The institution announced Tuesday that Sygnum Singapore received in-principle support from the Monetary Authority of Singapore (MAS) to connection 3 further regulated activities nether superior markets services (CMS) license. The CMS licence was initially granted successful 2019, allowing Sygnum Singapore to behaviour plus absorption activities.
The latest in-principle regulatory support upgrades Sygnum Singapore to alteration caller tools similar providing firm concern advisory services, dealing with tokenized superior marketplace products and integer assets, arsenic good arsenic offering custodial services for plus and information tokens.
With the further regulated activities, Sygnum plans to connection its tokenization solution successful Singapore with an archetypal absorption connected the tokenization of money units. The steadfast specifically intends to commencement with its recently launched task superior fund, the SBI-Sygnum-Azimut Digital Asset Opportunity fund. Future projects besides see providing firm concern proposal to Web3 platforms and integer creators, arsenic good arsenic enactment connected integer collectibles, non-fungible tokens (NFTs) and metaverse assets.
Sygnum is operating its ain tokenization level successful Switzerland, allowing plus owners to contented tokens representing fractional ownership of assorted accepted securities, integer assets and NFTs. Some of Sygnum’s NFT-inspired tokenization works see a digitized Picasso coating and a CryptoPunk NFT.
Blue-chip #NFT #CryptoPunk 6808 has been tokenized by Sygnum Bank and volition beryllium disposable for #trade for Sygnum clients from January 2022 connected our secondary market, SygnEX.
Read much astir the archetypal #crypto punk with her ain slope successful our caller blog station https://t.co/xVrWUGpfXu pic.twitter.com/ThZrWp1Frj
Related: Singaporean megabank DBS works connected expanding Bitcoin trading to retail
The latest quality comes soon aft Sygnum raised $90 cardinal successful a Series B backing circular valuing the institution astatine $800 cardinal successful aboriginal January 2022. The rise was led by Hong Kong alternate investing steadfast Sun Hung Kai & Co. and besides included investors similar Animoca Brands and Canada’s Meta Investments.
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