Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
The digital Swiss franc issuer is now licensed as a "digital asset trading facility."
Sygnum, a major cryptocurrency bank in Switzerland, is preparing to finally introduce digital asset trading after receiving regulatory approval.
On Sept. 1, Sygnum announced that it received regulatory approval from the Financial Market Supervisory Authority, allowing the company to expand its services to a digital asset trading facility.
The new approval enables Sygnum to âcover the complete life-cycle of a security,â starting from services such as primary issuance, settlement and custody to secondary trading.
As part of Sygnumâs new capabilities, users now have access to instant settlement via the Sygnum-issued stablecoin Digital Swiss franc (DCHF).Â
In conjunction with the news of regulatory approval, Sygnum also revealed its plans to set up two new entities in Switzerland. The new units will focus on promoting Sygnumâs blockchain expertise as well as launching new products and services developed by Sygnumâs regulated branch in Singapore.
Headquartered in Zurich, Sygnum has claimed to be the first Swiss company to win the title of cryptocurrency bank. The bank has been aggressively expanding its services; after obtaining a Swiss banking license in August 2019, Sygnum was also licensed by the Monetary Authority of Singapore the following month.
Alongside providing custody for digital assets like Bitcoin (BTC), Sygnum is known as the first issuer of the digital franc. In late August, Switzerlandâs largest online retailer, Galaxus, implemented Sygnumâs DCHF stablecoin in an e-commerce payment trial.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.