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Sygnum wins Liechtenstein license to broaden EU crypto services

Sygnum wins Liechtenstein license to broaden EU crypto services

GrafaGrafa2024/09/24 06:05
By:Isaac Francis

Sygnum, a digital assets banking group with bases in Switzerland and Singapore, has secured a crypto asset service provider (CASP) license in Liechtenstein.

This license will enable Sygnum to offer regulated digital asset services such as brokerage, custody, and banking under Liechtenstein's Token and Trusted Technology Service Providers Act.

The company aims to expand its operations into the European Union (EU) and the European Economic Area (EEA) by utilising the Markets in Crypto Assets (MiCA) regulatory framework.

MiCA is set to provide a unified regulatory environment for crypto services across the EU.

Expected to be fully implemented by the first quarter of 2025, MiCA will allow companies licensed in one member country to operate across all 27 EU member states and other EEA countries, including Liechtenstein.

Sygnum’s new license puts it in a strong position to apply for the CASP license under MiCA once the regulation is adopted in Liechtenstein.

Martin Burgherr, Sygnum's chief clients officer, emphasised the significance of the license, noting that it prepares the company for its expansion into the EU.

The ability to operate under a unified crypto regulatory framework across multiple jurisdictions will likely benefit the company in the long term.

The move comes as various other crypto companies, including Coinbase and Circle, are also preparing to expand their services across the EU under MiCA.

The framework, which began rolling out in June with stablecoin rules, is expected to streamline crypto operations in the region.

Sygnum’s license in Liechtenstein positions the company to take advantage of these developments and expand its regulated crypto services across the EU market as MiCA is further implemented in the coming years.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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