coindesk.com
A subsidiary of digital assets banking group Sygnum received a license as a crypto asset service provider in Liechtenstein.
The company wants to expand into the EU and EEA by leveraging the Markets in Crypto Assets legislation.
Sygnum said it obtained a crypto license from Liechtenstein, paving the way for the Zurich and Singapore-based digital assets banking group to expand into the European Union under the bloc's Markets in Crypto-Assets Regulation (MiCA).
The bank's subsidiary in the country received a license allowing it to offer regulated digital assets services, including brokerage, custody and banking.
Sygnum joins companies like Coinbase, Circle and others preparing to expand in Europe as MiCA takes effect. MiCA is a bespoke set of rules for the crypto industry that enables companies licensed in one country to operate across all 27 member states as well as countries like Liechtenstein that are in the European Economic Area. Switzerland is a member of neither.
MiCA's stablecoin rules came into effect in June, with other regulations likely to come into force by December. EU countries have started accepting registrations for their respective crypto-asset service provider (CASP) regimes.
"The registration as CASP in Liechtenstein paves the way for a significant expansion of our regulated footprint into the EU, the world’s largest trading bloc,” said Martin Burgherr, Sygnum's chief clients officer.