Sygnum Unit Receives Liechtenstein License as a Crypto Asset Service Provider
-
A subsidiary of digital assets banking group Sygnum received a license as a crypto asset service provider in Liechtenstein.
-
The company wants to expand into the EU and EEA by leveraging the Markets in Crypto Assets legislation.
Sygnum said it obtained a crypto license from Liechtenstein, paving the way for the Zurich and Singapore-based digital assets banking group to expand into the European Union under the bloc’s Markets in Crypto-Assets Regulation (MiCA).
The bank’s subsidiary in the country received a license allowing it to offer regulated digital assets services, including brokerage, custody and banking.
Sygnum joins companies like Coinbase, Circle and others preparing to expand in Europe as MiCA takes effect. MiCA is a bespoke set of rules for the crypto industry that enables companies licensed in one country to operate across all 27 member states as well as countries like Liechtenstein that are in the European Economic Area. Switzerland is a member of neither.
MiCA’s stablecoin rules came into effect in June, with other regulations likely to come into force by December. EU countries have started accepting registrations for their respective crypto-asset service provider (CASP) regimes.
“The registration as CASP in Liechtenstein paves the way for a significant expansion of our regulated footprint into the EU, the world’s largest trading bloc,” said Martin Burgherr, Sygnum’s chief clients officer.
Edited by Sheldon Reback.
Disclosure
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
CoinDesk is an
award-winning
media outlet that covers the cryptocurrency industry. Its journalists abide by a
strict set of editorial policies.
In November 2023
, CoinDesk was acquired
by the Bullish group, owner of
Bullish,
a regulated, digital assets exchange. The Bullish group is majority-owned by
Block.one; both companies have
interests
in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
:format(jpg)/www.coindesk.com/resizer/s18497Qm3Z2y-HO3cp7rBID5v2Y=/arc-photo-coindesk/arc2-prod/public/HC2J5TLYLFCRDEVA4SPLXUAIXI.jpg)
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.
Follow @camomileshumba on Twitter
