AG bankers want to become the world’s first regulatory bank to let customers trade fiat to cryptocurrencies. This startup gains capital from private and institutional investors is waiting for a license from the Swiss financial regulator, Finma.
CEO of the startup, Guido Buehler says that his company was in talks with the regulator Finma since April. However, the final application of the license hopes to get submit before the end of October. The company’s Chairman, Andreas Amschwand says they have the plan to provide clients with corporate financing, including consultations on Initial Coin Offerings (ICOs) and other digital asset services.
Finma issues guidelines to individuals/companies trying to raise capital by selling digital tokens. However, it also shut down several ICOs operating without a banking license. This license will allow the firm to conduct crypto trading and investment business for other banks and investors.
This step taken by SEBA is to prevent the mass exodus of crypto startups. They want to embrace and improve the blockchain startup. However, it launches itself in the “Crypto valley’ along the lakeside town of Zug.
“In Switzerland, we have a commitment from various authorities to establish a comprehensive regulatory environment. This is for the development of blockchain technology and the sustainable, stable growth of crypto assets,” Amschwand said.
He further quotes by saying, “This makes Switzerland the ideal place to launch a new financial services paradigm.”
Switzerland’s cryptocurrency regulation is welcoming to evolving Fintech and blockchain innovations. As a result, is home to about 500 blockchain based startups. Like traditional banks, Switzerland’s cryptocurrency bank will have the same KYC rules for onboarding clients.
And SEBA will likely provide same broking and wealth management services as the traditional banks. However, SEBA will provide the ‘last mile’— the bridge between the crypto and fiat world,” says Mr. Buehler. SEBA Crypto AG has plans of expansionary to branch out the banks in major financial hubs. This might be starting with Zurich, in 2019.
Image Credit- Bitrates, CDN