Swiss crypto bank Seba opens office in Abu Dhabi

Seba Bank, a Swiss licensed crypto bank, has been granted a Financial Services Permission (FSP) by the Abu Dhabi Global Market Financial Services Regulatory Authority (FSRA) and therefore opened an office in the UAE capital.

The regulatory nod allows the bank to conduct activities including advising on investments or credit, arranging credit and custody, and arranging deals in investment within the UAE.

In January, Seba recently closed a $120M Series C round, and has expanded its global digital banking operations across over 25 markets. It said that its Abu Dhabi office will allow it further expand headcount across operations, sales, and business development in the region.

The FSP by the ADGM FSRA is the first of its kind for a full service digital asset bank in the UAE.

SEBA Bank, a Swiss Financial Market Supervisory Authority (FINMA) licensed digital assets banking platform, will leverage ADGM’s status to conduct regulated activities within the region.

? SEBA Bank Secures Financial Services Permission from Abu Dhabi Global Market and Opens Office in Abu Dhabi ?

Read the full media release here? https://t.co/aVizMpw0pw @ADGlobalMarket @guido_buehler @borelchristian pic.twitter.com/D467agfs39

— SEBA Bank AG (@WeAreSEBA) February 22, 2022

“We are proud to receive a licence from the ADGM FSRA to provide our digital asset banking services in the ADGM. This licence is a valuable addition to our existing licences, as a FINMA regulated banking and securities dealer and licensed provider of custody services for Swiss Collective Investment Schemes for Digital Assets,” said Guido Buehler, CEO at SEBA Bank.

“Our new office in the thriving business and financial district on Al Maryah Island will serve as a strategic hub for SEBA Bank to cater effectively to the evolving needs of our customers in the UAE and across the region,” added Buehler.

Meanwhile, Christian Borel, senior executive officer and branch manager at Seba Bank AG ADGM, noted, “The UAE is a global leader in digital assets and blockchain, with the Emirates Blockchain Strategy 2022 providing a clear plan for cementing its place as a global hub for blockchain innovation. Abu Dhabi has established clear regulatory frameworks which allow licensed companies to operate with clarity in the country. As a regulated bank, SEBA Bank can act as a trusted counterparty to those interested in digital asset investment and banking services in the region.”