SEBA Bank, a Swiss crypto bank, recently received approval to operate in the Abu Dhabi Global Market (ADGM), the UAE’s financial center. SEBA can now provide regulated services thanks to the license.
The SEBA’s Plan
SEBA Bank, a Swiss-registered digital asset bank, has been awarded a license to operate in the Abu Dhabi Global Market, the UAE’s international financial centre (ADGM).
According to sources, the Financial Services Regulatory Authority’s (FSRA) Financial Service Permission (FSP) license went into effect on February 7, 2022. SEBA Bank opened an office at the ADGM following the issuance of the license.
SEBA Bank explains the importance of obtaining the FSP license in a statement released on February 22. The FSP licence allows the bank to “conduct regulated activities in the ADGM, including advising on investments or credit, arranging credit and custody, and arranging deals in investments,” according to the bank.
SEBA’s growth will be accelerated by the opening of an office in the UAE, according to the digital bank’s statement. ADGM is part of SEBA Bank’s plan to create licensed presences in the markets it serves, according to the statement. With the opening of the dedicated office in Abu Dhabi, the bank will be able to increase headcount in the region across operations, sales, and business development.
ADGM Contributing to Economic Diversification
The licence is a crucial addition “to our existing licenses, as a FINMA regulated banking and securities dealer and licenced supplier of custody services for Swiss Collective Investment Schemes for Digital Assets,” according to Guido Buehler, the bank’s CEO.
Dhaher Bin Dhaher Al Muhairi, CEO of ADGM’s Registration Authority, said SEBA Bank is a welcome addition to the financial center’s growing roster of financial institutions. “ADGM is always working to improve its financial services offering in order to contribute to the growth and diversification of the Abu Dhabi economy,” he said.
SEBA’s reported expansion into the UAE comes after the company closed a $120 million Series C financing less than a month ago.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
