Sygnum Expands European Footprint with Cryptocurrency License in Liechtenstein
Strategic Growth in Digital Asset Banking
Sygnum, a leading digital asset banking group, has recently obtained a Crypto license in Liechtenstein, furthering its ambitious European expansion strategy. The firm, which primarily serves professional and institutional investors, banks, and corporates, is already established in key financial hubs such as Switzerland, Singapore, Abu Dhabi, and Luxembourg.
Enhanced Service Offerings in Liechtenstein
This new license enables Sygnum to provide a range of regulated services, including brokerage, custody, and B2B banking, within the Liechtenstein market. As a member of the European Economic Area (EEA), Liechtenstein aligns its regulatory framework with that of the European Union (EU), particularly in relation to the Markets in Crypto-Assets Regulation (MiCA). This alignment grants Sygnum a significant advantage, positioning the firm to capitalize on the burgeoning demand for digital asset services across Europe.
Expanding EU Market Access
Sygnum’s representatives emphasized that this registration is a pivotal moment for the company, enabling it to expand within the EU. By leveraging Liechtenstein’s progressive Blockchain Act (TVTG), which established a comprehensive regulatory framework for digital assets, Sygnum aims to offer regulated crypto services across the world’s largest trading bloc. Consequently, this legislation makes Liechtenstein an attractive gateway for firms looking to enter the European market.
Preparation for Future Regulations
Furthermore, Sygnum is preparing for the upcoming European MiCA regulation, which will integrate into Liechtenstein’s legal framework by early 2025. This change will provide Sygnum access to 30 additional EU and EEA markets, bolstering its presence in the region and enhancing its service offerings to clients.
Global Ambitions Beyond Europe
While Sygnum focuses on its European ambitions, it also aims for growth in Asia, potentially expanding into Hong Kong. Additionally, the firm leverages its Major Payment Institution License in Singapore to enhance regional development. Moreover, Sygnum has made significant strides by entering Luxembourg and establishing access to Swiss-regulated digital asset services in Abu Dhabi.
Financial Growth and Partnerships
In early 2024, Syg-num raised over USD 40 million, boosting its valuation to USD 900 million. The company partnered with firms like PostFinance, Hamilton Lane, and Fidelity, focusing on tokenization projects and launching a 24/7 settlement network via Sygnum Connect. With these innovations, Sygnum is poised to lead the digital asset banking sector.