The Swiss crypto banking group Sygnum said this CryptoSlate that it has obtained a crypto license in Liechtenstein through its local subsidiary.
According to a statement on September 23, the company said its Liechtenstein subsidiary Sygnum Europe AG had been registered with the country’s Financial Market Authority (FMA) as a service provider under the Token and Trusted Technology Service Provider Act (TVTG).
This license allows the company to offer regulated digital asset services including brokerage, custody and B2B banking.
Strategic accession to the EU
By establishing a presence in Liechtenstein, Sygnum can take advantage of the country’s regulatory alignment with the EU, especially the upcoming Markets in Crypto-Assets Regulation (MiCA).
The MiCA regulation, recently approved by the European Union, aims to create a regulated digital asset environment that protects crypto users while promoting innovation. This framework allows licensed companies to operate in all 27 EU member states and EEA countries such as Liechtenstein.
The Liechtenstein license thus positions Sygnum for a planned entry into all 30 EU states and other EEA markets by the first quarter of 2025. Martin Burgherr, the bank’s Chief Clients Officer, said:
“The registration as a CASP in Liechtenstein paves the way for a significant expansion of our regulated footprint in the EU, the world’s largest trading bloc.”
In addition to its EU ambitions, Sygnum plans to expand into Hong Kong through its Singapore-regulated digital asset financial services platform. The bank has recently made significant progress in markets such as Luxembourg and Abu Dhabi.
Meanwhile, Sygnum’s expansion plans are in line with rising profitability. In January 2024, the company raised more than $40 million in an oversubscribed funding round, boosting its valuation to $900 million. Currently, Sygnum has more than $125 million in core capital.
This year, the bank signed major partnerships with PostFinance for a crypto service and with Hamilton Lane and Fidelity for tokenization projects. Additionally, Sygnum issued a $50 million Bitcoin-backed syndicated loan to Ledn, a crypto lending platform.