Seba Bank, a Swiss-licensed crypto bank, has obtained a Financial Services Authorization (FSP) from the Abu Dhabi World Market Financial Services Regulatory Authority (FSRA) and has therefore opened an office in the capital of the Emirates United Arabs.
The regulatory nod allows the bank to conduct activities including investment or credit advice, arranging credit and custody, and arranging investment transactions in the UAE.
In January, Seba recently closed a $120 million Series C funding round and expanded its global digital banking operations to over 25 markets. He said his Abu Dhabi office will allow him to further increase his headcount in operations, sales and business development in the region.
ADGM FSRA’s FSP is the first of its kind for a full-service digital asset bank in the UAE.
SEBA Bank, a digital asset banking platform licensed by the Swiss Financial Market Supervisory Authority (FINMA), will leverage ADGM status to conduct regulated business in the region.
🔉 SEBA Bank Obtains Abu Dhabi Global Market Financial Services Authorization and Opens Office in Abu Dhabi 🚀
— SEBA Bank AG (@WeAreSEBA) February 22, 2022
“We are proud to receive a license from the ADGM FSRA to provide our digital asset banking services in the ADGM. This license is a valuable addition to our existing licenses, as a FINMA-regulated bank and securities trader and licensed custodial provider for Swiss collective investment schemes for digital assets,” said Guido Buehler, CEO of SEBA Bank. .
“Our new office in the booming business and financial district on Al Maryah Island will serve as a strategic hub for SEBA Bank to effectively meet the changing needs of our customers in the UAE and across the region. “, added Buehler.
Meanwhile, Christian Borel, Managing Director and Branch Manager at Seba Bank AG ADGM, said: “The UAE is a global leader in digital assets and blockchain, with the Emirates Blockchain Strategy 2022 providing a clear plan to consolidate its place as a global hub. for blockchain innovation. Abu Dhabi has established clear regulatory frameworks that allow licensed companies to operate with clarity in the country. As a regulated bank, SEBA Bank can act as a trusted counterparty for those interested in investing in digital assets and banking services in the region.