Swiss Crypto Bank SEBA Gets License to Operate in UAE Financial Center – SEBA Bank, a Swiss crypto bank, was just granted a license to operate in the UAE’s financial center, Abu Dhabi Global Market (ADGM). SEBA can now provide regulated services thanks to the license.
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 center (ADGM).
The Financial Service Permission (FSP) license, which was issued by the Financial Services Regulatory Authority (FSRA), went into effect on February 7, 2022, according to reports. 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. According to the bank, the FSP license permits it to “perform regulated activities in the ADGM, such as advising on investments or credit, arranging credit and custody, and organizing investment deals.”
SEBA’s growth will be accelerated by the opening of an office in the UAE, according to the digital bank’s statement. The statement went on to say:
SEBA Bank’s plan to build licensed presences in the markets it serves includes ADGM. 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.
Swiss Crypto Bank SEBA Gets License to Operate in UAE Financial Center – According to Guido Buehler, the bank’s CEO, the license “complements our existing licenses as a FINMA regulated banking and securities dealer and licensed supplier of custodial services for Swiss Collective Investment Schemes for Digital Assets.”
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. He continued, “ADGM is constantly working to improve its financial services offering in order to contribute to the growth and diversification of the Abu Dhabi economy and to boost the lively ecosystem.”
SEBA’s reported expansion into the UAE comes after the company closed a $120 million Series C financing less than a month ago.