Swiss Crypto Bank SEBA Extends Services to Nine Countries

SEBA, Swiss based crypto bank, has started offering its services to nine more countries. In this regard, SEBA has disclosed that institutional and other accredited investors in Singapore, the United Kingdom, Italy, Hong Kong, France, Germany, Austria, Portugal are offered a fully functional account.

Being a thoroughly regulated organization, SEBA Bank AG (previously SEBA Crypto AG) is endorsed with a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) in August 2019.

Within the bounds of its accounting services, SEBA provides a SEBAwallet app, SEBA card facilities and e-banking services, with support for five major cryptocurrencies, namely (BTC), Ether (ETH), Stellar (XLM), Litecoin (LTC) and Ether Classic (ETC).

The bank offers investors with both crypto-crypto and crypto-fiat exchange facilities and offers enterprise accounts for blockchain companies and their workforce.

Other than SEBA, Sygnum is the only other bank to have a regulatory approval from FINMA. Sygnum is also looking to expand across the globe and is now supposedly in discussions with regulators to ink a banking license in Singapore.

Earlier this summer, FINMA published new conditions to be satisfied by companies providing blockchain based payment facilities.

While following the outline for crypto assets regulation published in June 2019 by the intergovernmental Financial Action Task Force (FATF), the Swiss regulator has made it stringent by turning down to exclude payments involving non-regulated wallet providers from its licensing criteria.

Earlier in December, FINMA’s initial annual risk monitoring report highlighted blockchain and crypto assets among factors aiding money laundering.