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Sygnum Unit Receives Liechtenstein License as a Crypto Asset Service Provider
The registration paves the way for the Switzerland and Singapore-based banking group to expand into the European Union and European Economic Area.
Updated Sep 23, 2024, 1:55 p.m. Published Sep 23, 2024, 1:05 p.m.
- A subsidiary of digital assets banking group Sygnum received a license as a crypto asset service provider in Liechtenstein.
- The company wants to expand into the EU and EEA by leveraging the Markets in Crypto Assets legislation.
Sygnum said it obtained a crypto license from Liechtenstein, paving the way for the Zurich and Singapore-based digital assets banking group to expand into the European Union under the bloc's Markets in Crypto-Assets Regulation (MiCA).
The bank's subsidiary in the country received a license allowing it to offer regulated digital assets services, including brokerage, custody and banking under Liechtenstein's Token and Trusted Technology Service Providers Act. That will enable Sygnum to apply for a crypto-asset service provider (CASP) license under MiCA after Liechtenstein adopts the regulation, planned for first-quarter 2025.
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Sygnum joins companies like Coinbase, Circle and others preparing to expand in Europe as MiCA takes effect. MiCA is a bespoke set of rules for the crypto industry that enables companies licensed in one country to operate across all 27 member states as well as countries like Liechtenstein that are in the European Economic Area. Switzerland is a member of neither.
MiCA's stablecoin rules came into effect in June, with other regulations likely to come into force by December. EU countries have started accepting registrations for their respective crypto-asset service provider (CASP) regimes.
"The registration as CASP in Liechtenstein paves the way for a significant expansion of our regulated footprint into the EU, the world’s largest trading bloc,” said Martin Burgherr, Sygnum's chief clients officer.
UPDATE (Sept. 23 13:55 UTC): Adds Token and Trusted Technology Service Providers Act, MiCA adoption in Liechtenstein to second paragraph.
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