FINMA Issues Digital Asset Custody Services to SEBA Bank
SEBA Bank, a duly regulated financial institution based in Switzerland, has announced that it has received a CISA license from FINMA, the Swiss financial market regulator. The license will enable the institution to provide custodian services for collective investment schemes.
SEBA Bank is an institution that mainly deals in services related to digital assets. With this licensing, the financial institution will become the first bank in Switzerland to receive a custody license.
Step Forward for Crypto
This announcement has also placed SEBA Bank on the global scale because it will be the first bank dealing with digital assets to receive this custody license. This license will also allow the organization to offer more investment opportunities to professional clients joining the booming cryptocurrency sector.
The CEO of SEBA Bank, Guido Buehler, spoke of this major milestone for the institution stating that “Two years ago, SEBA Bank received a Swiss banking and securities firm license and is now enjoying excellent business momentum as institutional adoption of crypto & digital asserts accelerates globally.”
Buehler also spoke on the effects of the CISA license stating that the bank would remain committed to its objective of being a pioneer in the digital asset sector. He further hinted that fair crypto regulations could make the crypto market more suitable for investors.
About SEBA Bank
SEBA Bank was launched in mid-2018, and it became among the leading banks that have been offering futuristic digital banking services. Shortly after launching, SEBA Bank became highly popular and was among the first financial institutions to adhere to regulations.
In August 2019, after a year of operations, the bank received a banking and securities license that allowed the bank to launch the SEBA wallet app and offer e-banking services. The bank has also launched the SEBA card that supported five popular cryptocurrencies, including Bitcoin and Ethereum.
This is not the first major win for SEBA because in mid-2020, the central bank of France, Banque de France, chose SEBA to be part of the digital Euro pilot project. This partnership was geared at looking into how central bank digital currencies (CBDCs) can facilitate cross-border payments.
Regulations in the crypto space have evolved with time. While some new and strict regulations have been introduced by some countries, some jurisdictions are showing more leniency and have endorsed cryptocurrencies. Europe has been taking centre stage regarding regulations, with many countries advocating for rules that will protect investors and support innovation.
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