A new crypto firm called Sygnum is on its way to build its empire. The company was recently awarded a banking license in Switzerland and now it is looking to get one in Asia as well. Sygnum is looking to get a Singaporean banking license, which would let it offer its business there as well.
Gerald Goh and Mathias Imbach, the founders of the company, told Bloomberg that they have no choice but to operate as a bank if they want to offer full services in the country, so they decided to start talking with the regulators of the country.
In Switzerland, the company is about to fulfill the criteria and start managing the crypto assets of institutional clients, as well as let them trade them for the local fiat currency, the Swiss franc. Brokerage and tokenization services will also be offered there. These are the kind of services that the company wants to offer in Asia as well.
The reason to visit Singapore is partly that crypto services are still not so strong there, so its asset management services should be welcome there.
Unfortunately, the industry is not so regulated yet, so the first companies to visit the country will have to face uncertainty when they try to get approved.
According to the founders of the company, the will be no shortage of clients as soon as they start offering their services. Several large companies that hold crypto have already looked for their services because they want specialists that can really connect them between the crypto and the fiat world.
They need to pay taxes and employees and not many companies can help with that now, but it seems that Sygnum is looking forward to it.