Switzerland’s SEBA Bank Gets Approval to Operate Crypto Services in Abu Dhabi Global Market

A new office has already been set up for SEBA Bank in the Abu Dhabi Global Market (ADGM).

By Radhika Parashar | Updated: 25 February 2022 18:54 IST

Switzerland’s SEBA Bank Gets Approval to Operate Crypto Services in Abu Dhabi Global Market

Photo Credit: Twitter/ @WeAreSEBA

SEBA Bank has already set an office in the ADGM region

Highlights

SEBA Bank got its operational licence for UAE this month
SEBA Bank will assist crypto investors with advisory in UAE
SEBA Bank is headquartered in Switzerland’s Zug city

SEBA Bank, a registered digital assets bank from Switzerland, has taken its crypto services to the UAE. SEBA bank has bagged the permission to operate in Abu Dhabi Global Market (ADGM), which is also known the financial centre of the United Arab Emirates (UAE). A new office has been set up for SEBA Bank in the ADGM from where it will conduct regulated advising and investment processes for crypto investors seeking guidance. Founded in 2018, the Zug-headquartered financial services provider received its operational licence for Abu Dhabi earlier this month.

The Financial Services Regulatory Authority (FSRA) of ADGM granted SEBA Bank the final permission along with its Financial Service Permission (FSP) license.

In 2019, SEBA Bank became the first crypto-focussed company to have secured a licence from the Swiss Financial Market Supervisory Authority (FINMA).

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Later in January 2022, SEBA Bank raised nearly $120 million (roughly Rs. 900 crore) in a Series C funding round according to CoinDesk. The company offers crypto banking, trading and custodial services.

“We welcome SEBA Bank to ADGM's expanding family of financial institutions at an incredibly exciting juncture for the thriving digital asset landscape,” Dhaher Bin Dhaher Al Muhairi, CEO of ADGM's Registration Authority said in a statement.

ADGM was established as a business hub on Al Maryah Island in the capital of the UAE in 2013.

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UAE is embracing the crypto culture despite several other nations worrying about its legitimacy.

In December last year, the Dubai Media Office revealed that the Dubai World Trade Centre (DWTC) will become a crypto zone and a regulator for cryptocurrencies in the coming days.

Given the intrigue around the crypto sector in the UAE, SEBA Bank intends to help investors take aware decisions.

“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,” said, Christian Borel, Branch Manager at SEBA Bank AG, ADGM.

:sound: SEBA Bank Secures Financial Services Permission from Abu Dhabi Global Market and Opens Office in Abu Dhabi :rocket:

Read the full media release here:page_facing_up: https://t.co/aVizMpw0pw @ADGlobalMarket @guido_buehler @borelchristian pic.twitter.com/D467agfs39
— SEBA Bank AG (@WeAreSEBA) February 22, 2022

The UAE has laid out strict rules around the crypto sector that is expanding among its citizens.

Strict punishments for crypto scammers targeting investors in the country have also been announced by the authorities there. Violators will be liable to pay a penalty of up to AED 1 million (roughly Rs. 2 crore) along with spending some jail.

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Further reading: Cryptocurrency, Crypto Bank, SEBA, UAE, Abu Dhabi

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More