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).

Advertisement
By Radhika Parashar | Updated: 25 February 2022 18:54 IST
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 has already set an office in the ADGM region

Photo Credit: Twitter/ @WeAreSEBA

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).

Advertisement

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.

Advertisement

“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.

Advertisement

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.

Advertisement

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.

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.


Gaana CEO and Spotify's India chief join us on Orbital, the Gadgets 360 podcast, to discuss India's unique music streaming landscape. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

Affiliate links may be automatically generated - see our ethics statement for details.
 

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.

Advertisement

Related Stories

Popular Mobile Brands
  1. Google Pixel Phones to Get November 2025 Update Soon, Details Leak Online
  2. Xbox Cloud Gaming Launched in India: Here's How You Can Start Playing
  3. Oppo Reno 15 Lineup Could be Powered by This MediaTek Dimensity Chipset
  4. GoPro Max 2, Lit Hero, Fluid Pro AI Gimbal Launched in India at This Price
  5. Motorola Edge 70 Ultra Surfaces on Benchmarking Site Ahead of Launch
  6. The Night Manager Season 2: OTT Release Date, Cast, Plot & Where to Watch
  1. Planets Could Create Their Own Water While Forming, Expanding Possibilities for Habitable Worlds
  2. Panda Plan OTT Release Date Revealed: What You Need to Know About Jackie Chan's Heartwarming Action Comedy
  3. The Bengal Files OTT Release Date Confirmed: Know When and Where to Watch it Online
  4. The Night Manager Season 2 OTT Release Date: When and Where to Watch Tom Hiddleston Starrer Series Online?
  5. Kamaro 2 Now Available on OTT: Know Where to Watch This Sequel of Kamarottu Checkpost
  6. Marines Season 1 Now Streaming on Netflix: What You Need to Know About This Captivating Military Docuseries
  7. Rowan Atkinson Returns with Chaotic Fun in Netflix’s Man vs Baby: When to Watch Online?
  8. Jurassic Park: Rebirth OTT Release Date: Know When and Where to Watch it Online?
  9. Sony Announces State of Play Japan Broadcast for This Week: What to Expect
  10. GoPro Max 2, Lit Hero Launched in India With Up to 8K Video Recording, Along With Fluid Pro AI Gimbal: Price, Specifications
Gadgets 360 is available in
Download Our Apps
Available in Hindi
© Copyright Red Pixels Ventures Limited 2025. All rights reserved.