Earlier today, SEBA, one of the world’s leading cryptocurrency banks that is based out of Switzerland announced that its services will now be available in nine additional countries.
As per a source closely following the matter, accredited customers and institutional investors holding accounts in SEBA can now operate in nine new countries that include Italy, Germany, France, Portugal, Austria, the United Kingdom, Hong Kong, and Singapore.
Having already received a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) back in August, SEBA Bank AG (earlier called SEBA Crypto AG) is one of the very few fully-regulated institutions.
Five of the major cryptocurrencies Bitcoin (BTC), Stellar (XLM), Litecoin (LTC), Ether (ETH) and Ether Classic (ETC) are supported for SEBA account services users who also enjoy additional services SEBA card facilities, e-banking services, and SEBA wallet app.
SEBA bank offers enterprise accounts for blockchain companies and their employees as well as crypto-to-crypto and crypto-fiat conversion services to its investors.
Quite Significantly SEBA along with Sygnum are the only two cryptocurrency banks based in Switzerland that have received regulatory approval from FINMA.
This summer, FINMA released new guidance on regulatory requirements for blockchain-based payments.
By refusing to exclude payments processed through unregulated wallet providers from its requirements, the Swiss regulator is one step ahead of the intergovernmental Financial Action Task Force (FATF) that only broadly adheres to the framework for digital asset regulation issued earlier in the month of June.
Notably, earlier in the month, crypto assets and blockchain were identified by FINMA’s newly launched yearly risk monitor as two of the leading factors aiding to money laundering risks faced in Switzerland.