Switzerland To Start Operating Two Licensed Banks For Cryptocurrency

The Swiss Financial Market Supervisory Authority (FINMA) gave Seba and Sygnum the first licenses in provisional banking and securities licenses to officially let them offer regulated services like deposits, investing, lending and withdrawal using cryptocurrency to serve asset managers, regular banks, startups, and other financial institutions.

Though the licenses got granted in August, neither of the banks has been given permission to publish its prospectus just yet.

The most important role of Seba and Sygnum would be helping crypto entrepreneurs and crypto traders who are oftentimes denied bank accounts because of the perceived risky reputation of crypto companies.

Praising this move is Stefan Deiss, founder, and CEO of the Swiss crypto accelerator, Blockchain Propulsion, saying that "It's a great move for Switzerland" having "banks that are specialized in crypto." Source...


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