According to a recent local new report by ‘Reuters,’ SEBA which is reportedly headed by former UBS bankers with ‘Guido Buehler’ as its CEO and Andreas Amschwand as chairman plans for a banking and securities dealer license from Swiss monetary market regulator ‘FINMA’. The license would enable the firm to conduct crypto commercialism and investments in business for alternative banks and qualified investors.
Guido told Reuters that SEBA aims to become a bridge between the current banking and the digital currency businesses. The startup conjointly intends to offer corporate finance, as well as consultations on Initial Coin Offerings [ICO’] along with alternative digital asset-related services to the corporate clients.
Andreas while commenting on the project added:
“In Switzerland we’ve got commitment from several authorities to determine a comprehensive regulative surroundings for the event of blockchain technology and also the sustainable, stable growth of crypto assets.”
SEBA is supposedly working to expand its operations into major monetary hubs, beginning with the Zurich city in 2019. Investors supporting the SEBA embody companies including BlackRiver Asset Management and Hong Kong-based Summer Capital, together with alternative parties from Switzerland, Singapore, Malaysia, China and Hong Kong.
Earlier this month, the Switzerland Bankers Association [SBA] issued basic tips for banks operating with the blockchain startups so as to forestall a mass crypto exodus from the country because of the regulative arbitrage.
In line with the working scheme provided by SBA, blockchain companies without ICO’s ought to be treated like alternative small- and medium-sized firms while the firms with ICO’s should follow strict rules and comprise the purview of Switzerland’s anti-money Laundering [AML] and know-your-customer (KYC) regulatory laws.
Earlier in August, the Maerki Baumann personal bank began supporting crypto assets from payment received for services rendered, in addition to those attained from crypto mining. Maerki Baumann noted that they’re not able to offer direct cryptocurrency investments but however can offer experts to investors interested about crypto investment.
Even earlier in June, Hypothekarbank Lenzburg became the primary bank in Switzerland to offer business accounts to blockchain and crypto-related fintech firms. However, the bank is reportedly terribly selective in accepting new customers, and as of June had taken on solely 2 firms from the crypto phase.