Digital Bank Sygnum Expands to Europe With New Liechtenstein Licence
Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.
Swiss and Singapore-based digital asset bank Sygnum said it has expanded its operations to Europe by securing a crypto license in Liechtenstein.
In an announcement Monday, Sygnum said it has registered its local subsidiary with the Liechtenstein Financial Market Authority (FMA), allowing the bank to offer regulated services such as brokerage, custody, and B2B banking to the Liechtenstein market.
In July, Sygnum reported a profitable first half of 2024, driven by strong business performance. The firm said it saw a 500% increase in crypto derivatives trading and a two-fold increase in crypto spot trading volumes, compared to the same period in 2023.
During its results, the bank said it is expanding further into the European market in Q1 2025, in compliance with the upcoming Markets in Crypto-Assets Regulation (MiCA). The landmark framework aims to make the crypto industry in the Eurozone a transparent and secure environment for investors.
The bank said in Q1 2025, Sygnum will significantly expand its regulated footprint via a new office and licenses in the world’s biggest single market, the 30 countries comprising the European Union (EU) and European Economic Area (EEA).
The crypto license in Liechtenstein will allow Sygnum to capitalize on the country’s regulatory environment and the broader EEA which includes alignment with upcoming EU regulations like the MiCA.
Martin Burgherr, Sygnum’s chief client officer, expressed enthusiasm about the bank’s entry into Liechtenstein, citing the country’s reputation for embracing financial and digital asset innovations.
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