Two Swiss crypto banks receive regulatory license

Two Swiss crypto banks receive regulatory license

Seba Crypto and Sygnum were authorized by Finma to offer their services related to digital assets in the country in another movement of dialogue between regulators and companies

Two Swiss crypto banks receive regulatory license

By Editorial Staff

At the end of August, Switzerland’s crypto banks Seba Crypto AG and Sygnum received from the Swiss Financial Market Supervision Authority (FINMA), bank licenses and securities dealers.

With the new license, Seba hopes to officially launch its new trade platform in October. The system will be geared toward professional traders, companies and institutional clients. In addition, it will offer custody and asset management service.

Regulatory approval will allow Sygnum to release in the market its digital asset offerings. They include a custody platform and integrated liquidity for major digital currencies. Among them, the bitcoin, ether and digital Swiss franc.

In addition to the new licenses for crypto banks, Finma has approved new regulations for blockchain-based payments. The guidance is targeted to exchanges, wallets  providers and trading platforms.

Finma reported that blockchain companies should follow the requirements to fight  money laundering (AML) and “know your client” (KYC) requirements.

License for Swiss crypto banks is a sign of the market’s maturing process

The issuance of licenses for Swiss crypto banks has been well received on the market. In an event held in São Paulo, participants associated the movement of the regulator to the market’s maturation process. Worldwide, there seems to point out to a greater adherence of companies to the current regulations.

Gradually, these companies are failing to be technology firms to become part of the international financial system. News like these confirms our view that cryptocurrencies are already mainstream.

Transfero is a Swiss asset manager with a focus on digital assets. The company offers different investment strategies for its customers, with different levels of risk. Besides,  the firm also makes simple custody of assets for those who do not want to worry about having a wallet and adopting the security measures related to them.