Crypto Firm Sygnum Is Looking To Get A Banking License In Its Second Country, Singapore

    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.

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    Gabriel Machado
    Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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