Swiss crypto banking group Sygnum has said CryptoSlate that it has obtained a crypto license in Liechtenstein through its local subsidiary.
According to a September 23 statement, 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 Trust and Token Technology Service Providers Act (TVTG).
This license allows the company to offer regulated digital asset services, including brokerage, custody and B2B banking services.
Strategic entry into the EU
By establishing a presence in Liechtenstein, Sygnum can capitalise on the country’s EU-aligned regulations, in particular the upcoming Markets in Crypto-Assets (MiCA) Regulation.
The MiCA Regulation, recently approved by the European Union, aims to create a regulated digital asset environment that protects cryptocurrency users while fostering innovation. The framework allows licensed companies to operate in all 27 EU member states and EEA countries such as Liechtenstein.
The Liechtenstein licence thus positions Sygnum for planned entry into all 30 EU states and other EEA markets by the first quarter of 2025. Martin Burgherr, the bank’s Chief Client Officer, said:
“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 European ambitions, Sygnum plans to expand into Hong Kong via its Singapore-regulated digital asset financial services platform. The bank has recently made significant progress in markets such as Luxembourg and Abu Dhabi.
At the same time, Sygnum’s expansion plans are aligned with its growing profitability. In January 2024, the company raised over $40 million in an oversubscribed financing round, increasing its valuation to $900 million. Sygnum currently holds over $125 million in core equity.
This year, the bank has entered into key partnerships with PostFinance for a cryptocurrency service and with Hamilton Lane and Fidelity for tokenization projects. In addition, Sygnum issued a $50 million bitcoin-backed syndicated loan to Ledn, a crypto lending platform.
