The Swiss Financial Markets Authority, FINMA, has approved its first digital asset custody license following an application from the Swiss bank SEBA for an institutional-grade digital currency custody service.
The fully regulated Swiss bank will use the license to focus on providing platforms for institutions and non-native collective investment schemes to hold digital currency and other digital assets.
Founded in 2018, the bank has become a leader in digital asset banking. In 2019, it received a banking and securities license from the regulator for its wallet app, e-banking and payment card, which currently support the distribution of five different digital currencies.
Guido Bühler, CEO of SEBA Bank, said the company has been gaining momentum over the past couple of years, solidifying its position as one of the new generations of digital asset banks.
“SEBA Bank was licensed by a Swiss banking and securities firm two years ago and is now enjoying an excellent pace of business development as institutional adoption of cryptocurrency and digital assets accelerates globally,” Buehler said.
The approval of local regulators has already served SEBA well: Banque de France, France’s central bank, has selected SEBA to work on its central bank digital currency proposals and, in particular, on how the digital euro can be used in international payments.
Buhler said that with the new license, the bank will continue to offer digital asset services across Europe to mutual funds and other institutional clients.
“With our new CISA license, SEBA Bank continues to play a pioneering role in institutional digital assets. Asset managers can now offer strategies based on cryptocurrencies or other digital assets to a wider audience using mutual fund structures in Switzerland protected by SEBA as a custodian with a CISA license, ”Buehler went on to say.
This license is the first of its kind to be approved by FINMA Switzerland since the launch of the scheme.
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