Swiss crypto bank, SEBA Bank, recently obtained a license to operate in the Abu Dhabi Global Market (ADGM), the financial hub of the United Arab Emirates. The license allows SEBA to offer regulated services.
Swiss-registered digital asset bank, SEBA Bank, has obtained a license that allows it to operate in the UAE’s international financial hub, the Abu Dhabi Global Market (ADGM).
According to reports, the Financial Service Permission (FSP) license, which was issued by the Financial Services Regulatory Authority (FSRA), came into effect on February 7, 2022. After the issuance of the license, SEBA Bank has then opened an office at the ADGM. .
In a statement issued on February 22, SEBA Bank explains the importance of obtaining the FSP license which it says authorizes the bank to “conduct regulated activities within the ADGM, including advice on investments or credit, arranging credit and custody, and arranging investment transactions”. .”
Regarding the opening of an office in the United Arab Emirates, the statement of the digital bank indicates that this will further accelerate the growth of SEBA. The statement explained:
ADGM is part of SEBA Bank’s strategy to establish licensed presences in the markets we serve. With the dedicated office in Abu Dhabi, the bank will further increase its headcount in operations, sales and business development in the region.
ADGM contributes to the diversification of the economy
Commenting on the latest digital banking milestone, Guido Buehler, CEO of the bank, said the license is an important addition “to our existing licenses, as a FINMA-regulated bank and securities dealer and licensed provider of custodial services for Swiss collective investment schemes of digital assets.”
For his part, Dhaher Bin Dhaher Al Muhairi, CEO of ADGM Registration Authority, said his institution welcomes SEBA Bank to the growing list of financial institutions in the financial center. He added:
“ADGM is constantly seeking to advance its financial services offering to enhance the vibrant ecosystem and contribute to the growth and diversification of Abu Dhabi’s economy.”
SEBA’s reported entry into the UAE comes more than a month after closing a $120 million Series C round.
What are your thoughts on this story? Let us know what you think in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.