Swiss crypto bank Sygnum gains approval to trade digital assets

Sygnum, a cryptocurrency bank in Switzerland, is preparing to open trading of digital assets after receiving regulatory clearance from authorities.

Sygnum’s digital asset trading facility (OTF) gets regulatory clearance from FINMA. Creation of Group structure to enable next growth phase.
Read more here: https://t.co/uVR6upCkYN#FutureFinance #Tokenization #DCHF

— Sygnum Bank (@sygnumofficial) September 1, 2020

Sygnum announced that it has received approval from the Swiss financial regulator FINMA, allowing the company to launch a “digital assets trading venue”.

The new permission enables Sygnum to conduct primary issuance, custody, and secondary trading of securities. Under the new capabilities, users gain access to instant settlements via the Sygnum-issued DCHF stablecoin based on the Swiss franc.

The company also announced plans to create two new entities in Switzerland. The new units will focus on advancing the bank’s blockchain initiatives, as well as on launching new products and services developed by the Singapore-regulated subsidiary.

In 2019, Sygnum and SEBA became the first blockchain startups in Switzerland to obtain banking licences. In August of the same year, the bank also received approval from the Singapore regulator to operate in capital markets.

At the end of August 2020, the largest Swiss online retailer Galaxus introduced the Sygnum DCHF stablecoin into its payment system.

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