Sygnum, a crypto bank based in Switzerland, has just announced that Singapore's authorities have granted it a capital markets services license, the company revealed yesterday.
According to Sygnum, the license has been awarded by the Monetary Authority of Singapore and will allow it to provide asset management services in the country, mainly focusing on digital asset investment strategies for institutional and private qualified investors.
The company has said that its first product will be a multi-manager fund, which basically invests in other types of funds such as mutual funds or hedge funds.
Receiving green light from the regulators is a milestone for the company in the creation of its asset management division. Stefan Mueller, Sygnum’s head of asset management, has said:
"This is complementary to our banking services in Switzerland and will also benefit our Swiss institutional and private qualified investor clients."
iHodl reported in August that the Swiss Financial Market Supervisory Authority (FINMA) had granted its banking license to Sygnum.
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