FINMA Grants License for Swiss-based Crypto Banks
August 27, 2019 1:22 am
The Swiss Financial Market Supervisory Authority (FINMA) has permitted two banking and securities dealer licenses to crypto-focused banks. Seba Crypto AG and Sygnum are the two Swiss crypto-specializing firms that have received banking and securities dealer licenses.
Using the license, Seba is expected to launch its new trading platform in October 2019. Seba also intends to establish a digital asset platform for professional traders, companies, institutional clients, as well as custody storage and asset management.
Sygnum stated that the license would help it bring its digital asset offerings to the market, which includes custody and integrated liquidity platform for popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and digital Swiss Franc tokens.
The announcement comes after FINMA’s newly released guidance on regulatory requirements for blockchain-based payments. The new guidelines target blockchain firms, exchanges, wallet providers, and trading platforms. FINMA stated that blockchain sector businesses are not exempt from Anti-Money Laundering and Know Your Customer requirements.