Swiss Crypto Bank SEBA Gets License to Operate in UAE Financial Center
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Loading... - Theo Kennedy
- 25 Feb 2022
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SEBA’s Strategy
The Swiss-registered digital asset bank, SEBA Bank, has been granted a license that allows it to operate in the UAE’s international financial center, the Abu Dhabi Global Market (ADGM).
According to reports, the Financial Service Permission (FSP) license, which was issued by the Financial Services Regulatory Authority (FSRA), became effective on February 7, 2022. After the issuance of the license, SEBA Bank subsequently opened an office in the ADGM.
In a statement released on February 22, SEBA Bank explains the importance of getting the FSP license which it says authorizes the bank to “conduct regulated activities in the ADGM, including advising on investments or credit, arranging credit and custody, and arranging deals in investments.”
Regarding the opening of an office in the UAE, the digital bank’s statement said this will further accelerate SEBA’s growth. The statement explained:
"ADGM is part of SEBA Bank´s strategy to establish licenced presences in the markets which we serve. With the dedicated office in Abu Dhabi, the bank will further expand headcount across operations, sales, and business development in the region."
ADGM Contributing to Diversification of Economy
Commenting on the digital bank’s latest milestone, Guido Buehler, the bank’s CEO, said the license is an important addition “to our existing licences, as a FINMA regulated banking and securities dealer and licensed provider of custody services for Swiss Collective Investment Schemes for Digital Assets.” Read More...
