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

SEBA Bank, a registered digital assets bank from Switzerland, has taken its crypto services to the UAE. SEBA bank has bagged the permission to operate in Abu Dhabi Global Market (ADGM), which is also known the financial centre of the United Arab Emirates (UAE). A new office has been set up for SEBA Bank in the ADGM from where it will conduct regulated advising and investment processes for crypto investors seeking guidance. Founded in 2018, the Zug-headquartered financial services provider received its operational licence for Abu Dhabi earlier this month.

The Financial Services Regulatory Authority (FSRA) of ADGM granted SEBA Bank the final permission along with its Financial Service Permission (FSP) license.

In 2019, SEBA Bank became the first crypto-focussed company to have secured a licence from the Swiss Financial Market Supervisory Authority (FINMA).

Later in January 2022, SEBA Bank raised nearly $120 million (roughly Rs. 900 crore) in a Series C funding round according to CoinDesk. The company offers crypto banking, trading and custodial services.

“We welcome SEBA Bank to ADGM’s expanding family of financial institutions at an incredibly exciting juncture for the thriving digital asset landscape,” Dhaher Bin Dhaher Al Muhairi, CEO of ADGM’s Registration Authority said in a statement.

ADGM was established as a business hub on Al Maryah Island in the capital of the UAE in 2013.

UAE is embracing the crypto culture despite several other nations worrying about its legitimacy.

In December last year, the Dubai Media Office revealed that the Dubai World Trade Centre (DWTC) will become a crypto zone and a regulator for cryptocurrencies in the coming days.

Given the intrigue around the crypto sector in the UAE, SEBA Bank intends to help investors take aware decisions.

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

The UAE has laid out strict rules around the crypto sector that is expanding among its citizens.

Strict punishments for crypto scammers targeting investors in the country have also been announced by the authorities there. Violators will be liable to pay a penalty of up to AED 1 million (roughly Rs. 2 crore) along with spending some jail.

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