Sygnum, Switzerland’s digital asset bank, has been granted regulatory approval to expand its operations into the United Arab Emirates (UAE). Local news outlet The National Business noted in a report today that Sygnum has obtained in-principle approval from the Abu Dhabi Global Markets’ Financial Services Regulatory Authority (FSRA). The approval will allow Sygnum to cater to the growing demand for cryptocurrencies in the region.
According to the report, Sygnum will serve the local market with its cryptocurrency-native suite of digital asset banking, tokenization, and asset management, as well as B2B banking services licensed by the Swiss Financial Market Supervisory Authority (FINMA).
Following Sygnum’s in-principle approval in the UAE, the company will seek new and existing crypto-related clients in the region. Furthermore, Sygnum is also looking forward to onboarding high-net-worth investors who are seeking trusted crypto exposure through a regulated company.
(by Lele Jima)