The future of crypto banking remains rather uncertain at this time. Singapore may prove to be a region worth exploring for cryptocurrency firms opting for this business model. Sygnum is one of those companies with big plans and high expectations.
Sygnum is one of the many cryptocurrencies companies looking to disrupt traditional finance as people know it today.
Sygnum Paves the way for Crypto Banking
The Swiss company has made a name for itself by obtaining a conditional banking and securities license in its native country. To expand its venture, Sygnum hopes to make an impact in Singapore.
The choice for that country is not made by accident. Sygnum has a base in Singapore, thus it makes sense to try and establish a firmer presence in that Asian country.
According to the firm, they will apply for a banking island in this nation. Talks with regulators are ongoing, and a petition for a capital markets services license has been filed.
Although this will not make them a crypto bank by definition, it will bring the company one step closer to becoming a regulated in Singapore as well.
It is expected Sygnum will wait to become an official Swiss bank before taking the next steps in Singapore.
That process may take anywhere from several months to well over a year.
It is evident these developments will be of great interest to crypto banking enthusiasts and hopefuls.
Sygnum is on track to break crucial ground in this nascent industry. Once the door has been opened for one company, there is nothing to prevent other firms from attempting to take a similar approach.