The digital asset bank will be able to operate on a larger scale in Singapore after receiving approval for three additional activities.
According to an official press release by Sygnum, the bank has secured its third financial license, and will now be able to conduct several other crypto activities under Singapore’s Capital Markets Services (CMS) issued by the Monetary Authority of Singapore (MAS).
With the new approval, Syngum will be able to provide advisory services for financial institutions that are interested in implementing digital assets into their infrastructure.
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Likewise, the bank will now be able to offer investors digital asset investments, regulated by the regulatory authorities in Singapore. Finally, Sygnum will offer crypto custody services so investors have a place to store their digital assets.
Sygnum Co-Founder and CEO in Singapore Gerald Goh spoke on Sygnum securing the approval by the MAS, stating:
"These three additional activities that Sygnum will be able to conduct enables us to provide asset managers and Web3 players in Singapore a new, fully-regulated platform to raise capital and attract a wider investor base by leveraging blockchain technology."
More than that, Mathias Imbach, who is the Co-founder and Group CEO of Sygnum, highlighted the technological barriers that investors have to overcome when investing into digital assets.
According to him, the approval of Syngum’s services will give investors an opportunity to catch up with the latest investment opportunities, provided by a team of "blockchain, legal and asset management experts, and a trusted platform with an operational track record."
