Switzerland based Sygnum Bank, a Licensed Digital Asset Bank, has Helped with Tokenizing Premium Investible Wines
Switzerland-based
Sygnum Bank, a licensed digital asset bank founded on “Swiss and Singapore heritage” operating globally, and
Fine Wine Capital, a privately-held specialist trading firm with a special focus on the fine wine market, have reportedly tokenized a range of premium investible wines. This initiative has notably created the first such digital asset tokens issued under the updated Swiss (distributed ledger technology) DLT law, which recently went into effect.
NEWS: Sygnum Bank and Fine Wine Capital issue first tokenized asset under new Swiss DLT law
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Switzerland ushers in new era as blockchain law takes effect Business
Switzerland has ushered in a new era for the digital assets industry after the tokenized securities law took effect on February 1. Known as the Blockchain Act, it sets a firm legal basis for digital asset exchange and tokenization while tackling the threat of digital currency money laundering.
The Act was passed in September 2020, with the Swiss legislators striving to keep up with their neighbors Liechtenstein which was among the first to develop digital currency regulations. It will be implemented in two phases this year. The first, which centers on company law reforms, took effect on February 1. Financial market upgrades will follow in August as part of the second phase.
Swiss Companies Issue First Tokenized Asset for Trading Under New National Blockchain Rules
New legal provisions on distributed ledger technology (DLT) went into effect on Feb. 1 in Switzerland. After the implementation, two local companies announced that they had issued the first tokenized asset under the brand-new law.
‘Fine Wine’ Token Is Available for Sygnum Bank’s Clients
Per the announcement, Swiss digital asset bank Sygnum and Fine Wine Capital AG launched collectible premium wine-backed tokens, becoming the first ones under the new blockchain rules.
Assets tokenized through Sygnum’s platform, Desygnate, will be recognized under a new category of ledger-based securities in the law. According to the digital asset bank, the “Fine Wine” token is available in the “Art & Collectibles” category for Sygnum’s clients.