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Swiss Digital-Asset Bank Sygnum Experiences Strong Demand for Crypto Transactions from Fund Houses and Institutions, Receives MPIL Approval in Singapore

June 26 (Cointime) - Switzerland's Sygnum AG, a digital-asset bank, is seeing a surge in demand for crypto transactions from fund houses, family offices, and institutions, which is expected to boost revenues for its new brokerage business in Singapore. The Monetary Authority of Singapore has granted Sygnum in-principle approval for a license that will allow it to provide digital token brokerage services.

Sygnum's plans in Singapore include offering crypto custody and broker-dealer services, and while the final license will allow Sygnum customers to trade, send, and receive crypto and fiat money, it will not cover fiat-to-crypto and crypto-to-fiat conversion services. Sygnum's offerings will strengthen its market position as a digital asset service provider in Singapore and Southeast Asia.

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