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- Prior to its newest approval, Sygnum Singapore only has right to provide asset management services with its CMS license.
- The announcement came on Tuesday that Sygnum Singapore got in-principle approval from the Monetary Authority of Singapore.
- Sygnum is in charge of its sole tokenized project in Switzerland, enabling owners of assets to issue tokens featuring fractional ownership.
Sygnum Is Extending Its Services
Sygnum Singapore, a Switzerland-based digital assets bank Sygnum’s subsidiary, is extending its facilities after getting hold of the latest regulatory approval from domestic authorities.
The organization made the announcement on Tuesday that Sygnum Singapore got in-principle approval through the Monetary Authority of Singapore to provide 3 extra regulated services under the license of Capital Market Services (CMS). This license was initially issued back in 2019, enabling Sygnum Singapore to organize asset management services.
The newest in-principle regulatory consent upgrades Sygnum Singapore to allow the latest tools such as offering corporate finance counseling services, engaging with tokenized capital market commodities and virtual assets, and providing custodial facilities for security tokens and assets.
With the extra controlled activities, Sygnum strategizes to provide its tokenization solution in Singapore, with their primary concentration regarding fund units tokenization. The organization particularly intends to commence with its recently released venture capital fund, the SBI-Sygnum-Digital Asset Opportunity fund.
Future programs also involve offering corporate finance counsel to Web3.0 projects as well as virtual creators and work on virtual collectible, metaverse products, and NFTs.
Sygnum is currently running its self tokenized platform in Switzerland, enabling the asset possessors to issue tokens featuring a portioned ownership of several conventional securities, NFTs as well as virtual assets.
A few of Sygnum’s NFT-encouraged tokenization works involve a CryptoPunk NFT and a virtualized Picasso painting.
The latest news comes just after Sygnum piled up $90 Million during a Series B funding round, increasing the organization’s valuation to $800 Million during the beginning of January 2022.
The jack-up was led by Sun hung Kai and Co., a Hong Kong-based alternative investment organization, and also involved investors such as Canada’s Meta Investments and Animoca Brands.
Expansion Of Services
As per the announcement, upon getting complete approval to organize additional facilities, Sygnum can leverage its persisting tokenization as well as corporate finance capabilities to offer innovation asset managers and Web3 players in Singapore, an entirely-regulated capital raising solution overlaying the whole value chain.
This will involve offering facilities of corporate finance counseling to organizations pursuing after raising capital — involving technical insights to tokenized capital markets items and virtual assets, and virtual asset concentrated capital and legitimate structuring counsel.
It will deal in capital market items to offer accessibility to a broader base of institutional as well as accredited investors in Singapore, pursuing entirely regulated opportunities of investment into virtual assets as well as tokenized capital market products.
Additionally, it will offer custodial facilities for security tokens and assets.
These extra regulated services are an extension of Sygnum’s persisting CMS license to organize fund management.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
