Sygnum, a digital assets banking group, has recently made a significant move in expanding its services into the European Union. The company’s subsidiary in Liechtenstein has obtained a license as a crypto asset service provider, allowing it to offer regulated digital assets services such as brokerage, custody, and banking.
This development comes as Sygnum aims to leverage the Markets in Crypto Assets Regulation (MiCA) to expand its presence in the EU and the European Economic Area (EEA). MiCA is a set of regulations that enables companies licensed in one country to operate across all 27 EU member states, as well as EEA countries like Liechtenstein.
With the stablecoin rules of MiCA already in effect since June, other regulations are expected to come into force by December. EU countries have started accepting registrations for their respective crypto-asset service provider (CASP) regimes, paving the way for companies like Sygnum to enter the market.
Martin Burgherr, Sygnum’s chief clients officer, expressed excitement about the company’s expansion into the EU, stating that the registration as a CASP in Liechtenstein opens up opportunities in the world’s largest trading bloc. This move puts Sygnum in line with other major players in the industry, such as Coinbase and Circle, who are also gearing up for expansion in Europe under the MiCA framework.
Overall, Sygnum’s licensing in Liechtenstein marks a significant milestone in its journey towards becoming a key player in the European digital assets market. As the company prepares to tap into the vast opportunities offered by the EU and EEA, it is poised to make a strong impact in the region’s burgeoning crypto industry.