The first Swiss crypto currency custody licence was issued by SEBA Bank.
Swiss-based SEBA Bank AG, an organization dealing in digital cryptocurrency assets, recently made an announcement regarding the acceptance of its CISA license application by FINMA.
A license approval from FINMA (the Swiss Financial Market Authority) means that the firm can now serve as a custodian bank of institutional standards. The bank can offer its custodian services to liquid crypto investments native to the domicile.
SEBA Bank AG Becomes the First Licensee in the World
The CISA license makes SEBA Bank AG the first financial institution, not only in Switzerland but also worldwide, to have received such a license.
With this license, SEBA Bank earns the opportunity to invite investments from clientele focused on the rapidly-rising cryptocurrency markets.
With the new license, SEBA Bank will be able to offer crypto clients a simpler and more reliable financial structure. Clients need not face the hassles of a lock-in or spend money to opt in or out of the structure.
SEBA Bank AG Insights
SEBA Bank was founded in 2018. It is a fully regulated company. In 2019, SEBA was granted a license for dealing in banking and securities services. The company is known for its e-banking service, SEBAwallet app and SEBA card. The firm supports major cryptocurrencies, including Ethereum (ETH) and Bitcoin (BTC).
The new regulatory approval for SEBA is expected to engender client trust in the digital assets sector, which is often believed to be volatile.
With its new license, SEBA has further strengthened its position as a pioneer in the regulated digital assets market. As a CISA licensee, SEBA Bank can offer Swiss-based financial structures such as mutual fund options. Clients will now have access to a wider range of financial strategies based on cryptocurrency or alternative digital assets.