A report by Business Times has shared that Sygnum, one of the first crypto companies to obtain a conditional banking and securities dealer license from Swiss regulators, plans to apply for a banking licence in Singapore.
According to the report, the firm has started talking with regulators and petitioned for a capital markets services licence, which will allow the firm to offer asset-management business as a first step into financial services, said co-founders Mathias Imbach and Gerald Goh in a phone interview on Tuesday.
Additionally, the company will be able to issue, store, trade and manage the digital assets Bitcoin and Ethereum, and convert fiat currencies such as Swiss francs, Singapore and US dollars and euros into the two cryptocurrencies once it fulfills the final criteria to become a Swiss bank.
The company also will offer custody, brokerage and tokenization services for digital assets to qualified investors and institutions, said the report.
As per the report, the volume of bitcoin trading has surged and attention to digital assets has jumped with the likes of Facebook’s proposed Libra coin, however, regulation of the industry is sporadic and in its infancy. Sygnum has been raising money and getting backing from established players as it works to get Singapore’s approval.