Swiss-based cryptocurrency bank Sygnum has received the go-alee to offer investment services in Singapore.

Sygnum: license is "important milestone"

In a blog post on Oct. 31, Sygnum, which gained a Swiss banking license in August this year, can now proceed with its offset product for the Singapore market.

Sygnum was the first Swiss company to win the championship of cryptocurrency banking concern and will target accredited investors and institutions with a multi-manager fund, which will besides debut in its home jurisdiction.

Long on the cards, the Singapore documentation comes in the grade of a upper-case letter markets services (CMS) license from the Monetary Dominance of Singapore (MAS), the Asian city country's de facto central bank.

Sygnum's head of nugget management, Stefan Mueller, commented in the press release:

"The CMS license is an important milestone to establishing our asset management arm, leveraging the vibrant financial environment in Singapore. This is complementary to our cyberbanking services in Switzerland and volition also benefit our Swiss institutional and private qualified investor clients."

Execs reveal major Swiss crypto interest

As Cointelegraph reported, Singapore continues to position itself as a friendly environs for cryptocurrency and blockchain businesses.

MAS is part of the government structure looking to integrate the emerging technologies with state activities and beyond, as its Project Ubin finance scheme is set up to commence operations adjacent yr.

Sygnum meanwhile is also eyeing expansion into markets such as Hong Kong, every bit well as in Europe. In September, Peter Wuffli, the ex-UBS caput who is now a lath member at the company, underscored his desire to tap the full potential of the cryptocurrency market place.

"Thousands of clients have contacted us for a one-finish-shop for nugget custody, loans and trading cryptocurrencies seamlessly with fiat currencies," he revealed.