Sygnum has received approval in principle from the Abu Dhabi Global Market (ADGM) to launch a service for cryptocurrencies.
Several major companies dealing with cryptocurrencies have been granted licenses to set up headquarters at ADGM, including digital asset trading platform Hayvn, as well as cryptocurrency exchange Kraken. Abu Dhabi, which wants to become a base, has now reached an agreement in principle with Sygnum.
Crypto Bank Sygnum Gets In-Principle Approval From Abu Dhabi
Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA) has granted in principle approval to Swiss-based digital asset bank Sygnum to expand its operations in the UAE capital and meet the growing demand for cryptocurrencies in the region.
In the statement made today; It is stated that Sygnum’s new Middle East headquarters will offer services regulated by Switzerland’s financial market supervisory authority (Finma). These services include a crypto-specific suite of digital asset banking, asset management, tokenization, and B2B banking services.
The company’s target ranges from blockchain firms relocating to the UAE, to existing local cryptocurrency foundations and projects, to traditional institutional investors and wealthy individual investors.
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