Switzerland-based cryptocurrency bank SEBA has expanded its services to nine new countries. According to Finance Magnates on December 12, SEBA revealed that accounts are now fully operational for institutional clients and accredited investors in Singapore, Hong Kong, UK, Italy, Germany, France, Austria and the UK. Portugal.
As previously reported, SEBA Bank AG (formerly SEBA Crypto AG) is a fully regulated institution, having obtained a banking and securities dealer license from the Federal Financial Market Supervisory Authority (FINMA) in August 2019.
Extensive crypto banking services
As part of its account services, SEBA offers a SEBAwallet application, online banking services and SEBA card services, with support for five main cryptocurrencies: (BTC), Ether (ETH), Stellar (XLM), Litecoin (LTC) and Ether Classic (ETC).
The bank provides crypto-to-crypto and crypto-fiat conversion services to investors and offers corporate accounts for blockchain companies and their employees.
It is one of two cryptocurrency banks in Switzerland to have received regulatory approval from FINMA, the other being Sygnum. Sygnum is also considering global expansion and is now apparently in talks with regulators to seal a banking license in Singapore.
Swiss regulatory developments
This summer, FINMA released new guidance on regulatory requirements for blockchain-based payments.
While broadly adhering to the digital asset regulatory framework released in June by the Intergovernmental Financial Action Task Force (FATF), the Swiss regulator has gone beyond the parameters of the FATF by refusing to exempt payments involving portfolio providers. unregulated of its requirements.
This month, FINMA’s first-ever annual risk monitoring report identified blockchain and crypto assets among the factors contributing to money laundering risks in Switzerland.