Switzerland has not been in the news much, but finally, there is news that could move the world into adoption phase faster than anticipated from the country. In this article we are going to take a look at the Swiss banks that have received banking licenses.
Nothing should be considered investment or financial advice. Enjoy the ride.
Switzerland Paves The Way
Just in from the finews website, Swiss banking regulator grants banking licenses to not one, but two, cryptocurrency focused banks. These banks will be the first cryptocurrency focused banks for the country and is backed by high-profile bankers.
The approval comes from Swiss financial regulator Finma. The two banks granted approval are the banks Seba Crypto and Sygnum.
Upon looking at Seba Crypto’s website, they are already leveraging the approval and making moves to implement the business into the traditional market place.
In August 2019, SEBA received a banking and securities dealer licence from FINMA
The licence is granted on a conditional basis and will come into effect once SEBA fulfils all the secondary criteria specified by FINMA. SEBA expects to be operational in October 2019 after these criteria are met.-SEBA website
It is important to note that the approval is conditional on SEBA completing the secondary criteria of the application by FINMA. If they fail to due so, the license could potentiallybe revoked.
Long-term SEBA wants to offer services to international clients as well as domestic, but the first phase is simply receiving further internal approval for domestic functions.
Sygnum is the other Swiss bank that similarly will be focusing on digital assets. The bank aims to provide clients with security options and become a licensed dealer. Per their website, they securely issue, store, trade and manage digital assets – including Bitcoin, Digital CHF and asset tokens – seamlessly integrated in one account.
Per their announcements page they too have posted about the recent approval. Here is a quote from the post:
Sygnum, a digital asset technology group, has received a banking and securities dealer licence from the Swiss Financial Market Supervisory Authority (FINMA). This is the first time this licence has been awarded to a digital asset specialist with an independently controlled, scalable and future-proof banking solution.–Sygnum Announcements
Clearly, the fact that there are now two digital asset focused banks in the Swiss region of all places, means that crypto adoption is well on its way to changing the face of trade and banking as we know it. Over the next year we should start to see other banks around the world opening up and trying to utilize these first banks as proof for the utility and need for such establishments.