Sygnum gets Abu Dhabi approval in principle

Dynamics Group AG / Keywords: cryptocurrency / blockchain / regulatory approval
Sygnum gets Abu Dhabi approval in principle
23.11.2022 / 09:00 CET/CEST

Press release

Sygnum Awarded Abu Dhabi Approval in principle

Zurich / Abu Dhabi, 23rd November 2022 – Sygnum, the world’s first digital asset bank and the first Swiss bank to open a center in the Metaverse, leverages its oversubscribed $90 million Series B Expand into Abu Dhabi’s high-growth cryptocurrency hub.

• Further strengthen Sygnum’s global reach and growth potential by leveraging one of the
  The world’s largest wealth and asset management pool

• Appointment of senior executives experienced in the Middle East market opens office and services $25 billion locally[i] Marketplace offers a full range of Swiss regulated cryptocurrency services

Rooted in Swiss and Singaporean heritage, Sygnum empowers its clients and partners with global reach from day one. Since Sygnum’s $90 million Series B funding round earlier this year, Sygnum has continued to grow its global customer base to nearly 1,500 and team to over 200 despite challenging markets. Key to expanding global reach is access to high-growth global crypto hubs Countries like the UAE offer clear regulatory frameworks, growing adoption, and strong demand for trusted, institutional-grade crypto services.

Abu Dhabi approves in principle

Sygnum has received approval-in-principle[ii] From the Financial Services Regulatory Authority (FSRA), Abu Dhabi Global Market (ADGM). Sygnum’s new Middle East center will serve the local market with a suite of crypto-native digital asset banking, asset management, tokenization and B2B banking services regulated by Switzerland’s FINMA. Target clients range from blockchain companies relocating to the UAE due to the well-regulated crypto environment, to existing local crypto foundations and projects, to ‘traditional’ institutional investors and HNWIs looking through regulated partners Trusted exposure to crypto assets.

Sygnum appointed senior UAE executive Giulia Finkbeiner-Bertoni Say”I am delighted to join the global Sygnum team and present our vision for the future of finance to the Abu Dhabi financial community. I believe Sygnum’s core value of trust and its ability to build relationships will be an asset to the region for years to come. “

The UAE is fast becoming a global cryptocurrency hub with the fifth highest adoption rate globally at 34%[iii] The annual transaction volume exceeds 25 billion US dollars. Sygnum’s Abu Dhabi license and local presence will give it direct access to its mature wealth management market, supportive government and clear regulatory framework – as well as the opportunity to pioneer regulated crypto services in the region.

Arvind Ramamurthy, Head of Marketing, ADGMSay: “ADGM is pleased that Sygnum has received FSRA approval-in-principle. We look forward to supporting their expansion in Abu Dhabi and the wider region. ADGM is the largest regulatory jurisdiction for digital assets in the MENA region and is a catalyst for the development of the capital emirate’s financial industry. We strongly believe that a company like Sygnum can add value to our vibrant community. Focused on promoting Abu Dhabi’s economic growth and maintaining the transparency and integrity of the market, Sygnum’s presence in the region supports our ongoing commitment to Abu Dhabi and the UAE, attracting global companies to do business that truly make it an international financial center Business is going well. “

“Sygnum’s international expansion into the Abu Dhabi crypto hub gives us access to one of the largest wealth and asset management pools in the world. It also provides us with new opportunities to demonstrate the value of investing in cryptocurrencies with full trust in the local community, customers and partners” Say Mathias Imbach, Co-Founder and Group CEO, Sygnum.

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About Sygnum

Sygnum is the world’s first digital asset bank and a digital asset expert with global influence. With Sygnum Bank AG’s Swiss banking license and Sygnum Pte Ltd’s Capital Market Services (CMS) license in Singapore, Sygnum empowers professional and institutional clients or accredited investors (e.g. corporations, banks and other financial institutions) to invest in digital fully trusted assets economy. Sygnum operates an independently controlled, scalable and future-proof regulated banking platform. Our interdisciplinary team of banking, investment and distributed ledger technology (DLT) experts is shaping the development of trusted digital asset ecosystems. The company builds on its Swiss and Singaporean heritage and operates globally. To learn more about Sygnum, visit www.sygnum.com.

Disclaimer: This document has been prepared by Sygnum Bank AG (Sygnum Bank). Sygnum Bank is a banking and securities company subject to prudential supervision under Swiss law by the Swiss Financial Market Supervisory Authority FINMA (Laupenstrasse 27, CH-3003 Berne).

Without prejudice to the following, Sygnum Bank is not EU/EEA regulated or prudentially regulated and is not authorized to deposit money and/or provide other banking services in Luxembourg under a local/EEA license. However, Sygnum Bank is/may be subject to mandatory registration requirements for AML-CFT purposes in certain EU/EEA countries and/or under one or more local regulations for third country investment companies and/or credit institutions Three-country framework operation. In no event shall such registration be interpreted or considered as a positive assessment by the Competent Authorities of the quality of services provided by Sygnum Bank, nor shall it constitute a comprehensive license under EU/EEA law. In relation to the provision of certain services/activities under the aforementioned third country regime, Sygnum Bank may only provide services to Professional Clients and Eligible Counterparties as defined by MiFID in those terms themselves.

This document may contain forward-looking statements, which are subject to change at any time. The opinions expressed here are those of Sygnum Bank, its affiliates and partners at the time of writing. This document is for informational purposes only and contains general material. It is for the recipient’s use only and is not intended for distribution in the United States and/or U.S. persons or jurisdictions in which Sygnum Bank may restrict its distribution. It does not constitute any advice or suggestion, offer or solicitation by or on behalf of Sygnum Bank to buy or sell assets or securities, nor does it constitute the utilization of any services mentioned herein which may be available only to limited classes of investors and and/or restricted in certain jurisdictions. It is not intended to be used as a general investment guide and is for informational purposes only. When making investment decisions, you should carry out your own research and analysis, or seek the advice of an expert to make a considered decision. The information and analysis contained in this document has been compiled from sources believed to be reliable. However, Sygnum Bank makes no representations as to its reliability or completeness and accepts no liability for damages arising from the use of this information. The information contained herein is not intended to be presented and should not be relied upon as accounting, legal or tax advice or investment advice. You should consult your tax, legal, accounting or other advisors regarding the matters discussed here.

Further information about Sygnum Bank AG and the applicable regulatory disclaimer can be found at here.

^[i] PwC UAE Cryptocurrency Report 2022

^[ii] Approval in principle for Type 4 financial services license

^[iii] https://www.statista.com/statistics/1202468/global-cryptocurrency-ownership/

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