The Swiss crypto bank, SEBA Bank, was recently granted a license to operate in the Abu Dhabi Global Market (ADGM), the UAE’s financial center. The license allows SEBA to conduct regulated services.
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.”
For his part, Dhaher Bin Dhaher Al Muhairi, the CEO of the Registration Authority at ADGM, said his institution welcomes SEBA Bank to the financial center’s expanding list of financial institutions. He added:
“ADGM constantly seeks to advance its financial services offering to enhance the vibrant ecosystem and contribute to the growth and diversification of the Abu Dhabi economy.”
SEBA’s reported entry into the UAE comes more than a month after it closed a $120 million Series C round.
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