Switzerland-based cryptocurrency bank SEBA has expanded its services to nine new countries. According to Finance Magnates on Dec. 12, SEBA revealed that accounts are now fully operational for institutional clients and accredited investors in Singapore, Hong Kong, the United Kingdom, Italy, Germany, France, Austria, Portugal.
As previously reported, SEBA Bank AG (formerly SEBA Crypto AG) is a fully-regulated institution, having secured a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) in August 2019.
Extensive crypto banking services
As part of its account services, SEBA offers a SEBAwallet app, e-banking services and SEBA card facilities, with support for five major cryptocurrencies: (BTC), Ether (ETH), Stellar (XLM), Litecoin (LTC) and Ether Classic (ETC).
The bank provides investors with both crypto-crypto and crypto-fiat conversion services and offers enterprise accounts for blockchain firms 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 likewise eyeing global expansion and is now ostensibly 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 framework for digital asset regulation issued this June by the intergovernmental Financial Action Task Force (FATF), the Swiss regulator has gone one step beyond the FATF’s parameters in refusing to exempt payments involving unregulated wallet providers from its requirements.
This month, FINMA’s first-ever yearly risk monitor report identified blockchain and crypto assets among the factors contributing to Switzerland’s money laundering risks.
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