Swiss crypto bank SEBA Bank recently received a license to operate in the Abu Dhabi Global Market (ADGM), the financial hub of the UAE. The license allows SEBA to perform regulated services.
Swiss-registered digital asset bank SEBA Bank has received a license allowing it to operate in the UAE’s international financial hub, the Abu Dhabi Global Market (ADGM).
According to reports, the Financial Services Permit (FSP) license, which was issued by the Financial Services Regulatory Authority (FSRA), became effective on February 7, 2022. After the license was issued, SEBA Bank opened an office in ADGM. .
in a statement published on February 22, SEBA Bank explains the importance of obtaining the FSP license which, it says, authorizes the bank to “carry out regulated activities in the ADGM, including investment or credit advice, credit and custody organization, and organization of investment agreements”.
Regarding the opening of an office in the United Arab Emirates, the digital bank’s statement said that this will further accelerate the growth of SEBA. The statement explained:
ADGM is part of SEBA Bank’s strategy to establish authorized presences in the markets we serve. With the dedicated office in Abu Dhabi, the bank will further expand the workforce in operations, sales and business development in the region.
ADGM contributing to the diversification of the economy
Commenting on the digital bank’s latest milestone, Guido Buehler, the bank’s chief executive officer, said the license is an important addition “to our existing licenses as a FINMA-regulated banking and securities broker and authorized provider of custody services for Swiss collective investment schemes for digital assets. .”
For his part, Dhaher Bin Dhaher Al Muhairi, Executive Director of the ADGM Registration Authority, said that his institution welcomes SEBA Bank to the growing list of financial institutions in the financial center. He added:
“ADGM is constantly looking to advance its financial services offerings to enhance the vibrant ecosystem and contribute to the growth and diversification of Abu Dhabi’s economy.”
SEBA’s reported entry into the United Arab Emirates comes more than a month after it closed a $120 million Series C round.
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