SEBA Bank international expansion has sparked a new debate about the bank’s role in global crypto realm. SEBA, the famous cryptocurrency bank based in Switzerland, has announced that it is expanding services to nine new nations, primarily in the European region. The expansion will be ideal for making more into institutional and retail clients from the United Kingdom, Portugal, France, Germany, Hong Kong, Singapore, Austria, France, and Italy. This will surely help the bank increase its global foothold.
SEBA Bank AG is a well-known crypto player since it is well regulated under the Swiss regulators. It sports the coveted license given by the Swiss Financial Market Supervisory Authority (FINMA).
SEBA Bank international expansion focus on nine countries
SEBA deals in a variety of crypto banking services to a range of investors, institutions, and retail individuals. Some of its vital services include SEBAwallet app, SEBA card facilities, and e-banking services. In terms of cryptocurrencies, it deals in Ether Classic, Litecoin, Ether, Bitcoin, and Stellar. The SEBA Bank international expansion aims to increase its portfolio of products to many different crypto coins. It provides crypto-to-fiat and crypto-to-crypto currency conversion solutions to its clients. Enterprise accounts are available for many blockchain companies and their employees.
SEBA Bank AG has the distinction of having secured the appropriate regulatory compliance from FINMA. The only other Swiss bank to have the same credentials is Sygnum. Interestingly, Sygnum, too, is looking to expand its services portfolio and increase its global crypto foothold. As part of SEBA Bank international expansion, it is also working with the Singapore authorities to secure a banking license in the Asian country.
Latest Swiss regulatory developments
FINMA has also revealed its amended guidelines on regulatory provisions pertaining to the blockchain firms. The rules for giving license to the blockchain firms for undertaking operations on the Swiss soil have been changed.
It is worthwhile to mention that Switzerland has adhered strictly to the Financial Action Task Force (FATF) guidelines related to the cryptocurrency and blockchain companies. It has gone beyond the FAT guidelines by blocking exemption to the payments given by unregulated wallets. Recently, FINMA released its annual monitoring report that raised serious concerns about cryptocurrencies and blockchain assets being used for money laundering.
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