Sygnum gets approved for Singapore Banking License

[Leeqap]

Swiss-based cryptocurrency digital bank Sygnum has received the go-ahead to offer banking services in Singapore.

Sygnum was the first Swiss company to win the title of cryptocurrency bank and will target accredited investors and institutions with a multi-manager fund, which will also debut in its home jurisdiction.

Long on the cards, the Singapore documentation comes in the form of a capital markets services (CMS) license from the Monetary Authority of Singapore (MAS), the Asian city state’s de facto central bank.

 

[Martin Everson]

I am realist and oh boy this isn't gonna end well . Just waiting on US to bring down the hammer. Nothing will be allowed to threaten the dominance of the dollar not even Libra, Qaddafi's gold dinar or Saddam's bypassing of the dollar for oil sales. We live in a wicked unfair world unfortunately and people are gonna find out the hard way how the world really works.

 

[Tax Cow]

Interesting, but where is their value proposal? It's a crypto exchange with add-ons. Singapore as a jurisdiction is obviously an asset in of itself, but they need more than that.

Not a big crypto guy myself, but the ones most passionate keep repeating "not your keys, not your Bitcoin". So, why would someone bank their crypto with them, risking a security breach, even confiscation. Day to day hassle of AML scrutiny is another issue - it's one of the main reasons people opt out of fiat.

From their web site:

Sygnum AML: All digital assets are screened through Sygnum’s proprietary AML tool, designed specifically for the digital asset economy – making digital assets bankable through robust compliance.

All in all, Stygnum should pay ~8-12% annual interest on crypto asset deposits, while charging nothing at all for their service, to be worth any consideration. Eager to learn why I'm wrong.

 

[Martin Everson]

Interesting, but where is their value proposal?

I think they are focused on a very specific market of clients .

I wonder how their business model survives a clamp down on crypto activity . Business model sounds worse than WeWork's.