Sygnum, a digital assets banking group based in Zurich and Singapore, announced that it has obtained a crypto license in Liechtenstein. The license was granted to its subsidiary in the country, allowing it to offer regulated digital asset services, including brokerage, custody, and banking.
These services will be provided under Liechtenstein's Token and Trusted Technology Service Providers Act.
CASP License Pending MiCA Adoption
This license positions Sygnum to apply for a Crypto-Asset Service Provider (CASP) license under the European Union's Markets in Crypto-Assets Regulation (MiCA) once Liechtenstein adopts the regulation. Adoption is planned for the first quarter of 2025. The CASP license would enable Sygnum to expand its services across the European Union.
Sygnum is part of a growing list of companies, including Coinbase and Circle, which are preparing to expand in Europe as MiCA is implemented. MiCA is a regulatory framework that applies specifically to the cryptocurrency industry.
It allows companies that are licensed in one country to operate across all 27 EU member states, as well as countries in the European Economic Area, such as Liechtenstein. Switzerland, where Sygnum is based, is not part of this group.
???? News: Sygnum Obtains Crypto Licence in Liechtenstein, Paving the Way for EU expansionSygnum has taken a significant step toward its European expansion by registering its local subsidiary with the Liechtenstein financial regulator, FMA.▪️ Strategic move positions Sygnum for… pic.twitter.com/GnsrXEydfP
— Sygnum Bank (@sygnumofficial) September 23, 2024
Meanwhile, Sygnum's subsidiary in Singapore has received a full license from the Monetary Authority of Singapore to offer digital payment token brokerage services, as reported by Finance Magnates. The license was granted four months after initial approval, adding to Singapore's roster of authorized DPT providers.
Regulatory Framework for EU Crypto
MiCA's rules on stablecoins came into effect in June, with other regulations expected by December. Meanwhile, EU countries have begun accepting registrations for their CASP regimes.
“The registration as CASP in Liechtenstein paves the way for a significant expansion of our regulated footprint into the EU, the world’s largest trading bloc,” said Martin Burgherr, Sygnum's Chief Clients Officer.
This article was written by Tareq Sikder at www.financemagnates.com.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments