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SEBA Bank AG just became the first financial institution to gain the approval of a Swiss crypto custody license. The Swiss-based crypto services-focused bank announced that it secured the approval of a CISA license from the Swiss Financial Market Authority (FINMA).
In an announcement on September 29, SEBA revealed that it has secured a license to act as a custodian bank for Swiss collective investment schemes pursuant to Art. 72 CISA (KAG) (the “CISA” license), according to Mondovisione.com. SEBA is a fully regulated bank based in Switzerland that provides services for both crypto and traditional assets.
The bank received the first crypto custody license in Switzerland issued by FINMA. With the CISA license, SEBA can now provide institutional-grade custodian services for collective investment schemes with liquid crypto or digital assets as the underlying investment class targeting professional investors.
The license allows SEBA’s institutional clients exposure to greater investment opportunities in the rapidly expanding crypto market, according to Cointelegraph. It also cements the banks position as among the pioneering financial institutions that offer crypto-related products and services to investors.
“With our new CISA license, SEBA Bank continues its pioneering role in the institutional digital asset space,” SEBA Bank CEO Guido Buehler said. “Asset Managers can now offer strategies based on crypto or other digital asset underlying to a broader audience utilizing Swiss-based mutual fund structures secured by SEBA Bank as the CISA-licensed custodian.”
Since its creation in mid-2018, since has risen to prominence in the regulated digital assets niche with its focus on providing its clients with the next-generation digital banking experience. In 2019, it launched its e-banking services, SEBA card, and SEBAwallet app after it secured its banking and securities license.
“Two years ago SEBA Bank received a Swiss banking and securities firm license and is now enjoying excellent business momentum as institutional adoption of crypto & digital assets accelerate globally,” Buehler added. The bank’s platform supports the top five cryptos including Bitcoin (BTC) and Ethereum (ETH).
