Switzerland’s SEBA Bank Gets Approval to Operate Crypto Services in Abu Dhabi Global Market

SEBA Bank, a registered digital asset bank from Switzerland, has moved its crypto services to the UAE. SEBA Bank has received permission to operate in the Abu Dhabi Global Market (ADGM), also known as the Financial Center of the United Arab Emirates (UAE). A new office has been established for SEBA Bank in ADGM from where it will conduct regulated advice and investment processes for crypto investors seeking guidance. Founded in 2018, the Zug-headquartered financial services provider received its operating license for Abu Dhabi earlier this month.

ADGM’s Financial Services Regulatory Authority (FSRA) granted SEBA Bank the final approval along with its Financial Services Permission (FSP) license.

In 2019, SEBA Bank became the first crypto-focused company to receive a license from the Swiss Financial Market Supervisory Authority (FINMA).

Later in January 2022, SEBA Bank raised around $120 million (approximately Rs 900 crore) as per Series C funding round. coindesk, The company provides crypto banking, trading and custodial services.

“We welcome SEBA Bank to ADGM’s extended family of financial institutions, which is at an incredibly exciting juncture for the thriving digital asset landscape,” said Dhahr bin Dhahr Al Muhairi, CEO of ADGM’s Registration Authority. Statement,

ADGM was established in 2013 as a business center on Al Mariah Island in the capital of the United Arab Emirates.

The UAE is embracing the crypto culture despite many other countries worrying about its legitimacy.

In December last year, the Dubai Media Office revealed that the Dubai World Trade Center (DWTC) would become a crypto sector And a regulator for cryptocurrencies in the coming days.

Given the intrigue of the crypto sector in the UAE, SEBA Bank seeks to help investors make informed decisions.

Christian Borrell, Branch Manager, SEBA Bank AG, ADGM, said, “The UAE is a global leader in digital assets and blockchain, with Emirates Blockchain Strategy 2022 with a clear plan to cement its place as a global hub for blockchain innovation provides.”

The UAE has put in place strict rules around the expanding crypto sector among its citizens.

The authorities have also announced strict punishment for crypto scammers targeting investors in the country. Violators will face some prison costs as well as fines of up to AED 1 million (approximately Rs 2 crore).

Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, business advice or any kind of advice or recommendation given or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.

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