Swiss crypto bank Sygnum scores approval for digital asset trading
The digital Swiss franc issuer is now licensed as a “digital asset trading facility.”
Sygnum, a major cryptocurrency bank in Switzerland, is preparing to finally introduce digital asset trading after receiving regulatory approval.
On Sept. 1, Sygnum announced that it received regulatory approval from the Financial Market Supervisory Authority (FINMA), allowing the company to expand its services to a digital asset trading facility.
The new approval enables Sygnum to “cover the complete life-cycle of a security,” starting from services like primary issuance, settlement, and custody to secondary trading.
As part of Sygnum’s new capabilities, users now have access to instant settlement via the Sygnum-issued stablecoin Digital Swiss franc (DCHF).
In conjunction with the news of regulatory approval, Sygnum also revealed its plans to set up two new entities in Switzerland. The new units will focus on promoting Sygnum’s blockchain expertise as well as launching new products and services developed by Sygnum’s regulated branch in Singapore.
Headquartered in Zurich, Sygnum claims to be the first Swiss company to win the title of cryptocurrency bank. The bank has been aggressively expanding its services; after obtaining a Swiss banking license in August 2019, Sygnum was also licensed by the Monetary Authority of Singapore the following month.
Alongside providing custody for digital assets like Bitcoin (BTC), Sygnum is known as the first issuer of the digital franc. In late August 2020, Switzerland’s largest online retailer Galaxus implemented Sygnum’s DCHF stablecoin in an e-commerce payment trial.
