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Switzerland issues banking licenses to two crypto-companies

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The Swiss Financial Markets Supervisory Authority (FINMA) reportedly granted licenses to carry out banking activities and sell securities to two crypto-focused enterprises.

Seba Crypto AG and Sygnum, two companies specializing in crypto- fields, confirmed separately on August 26th that they have obtained licenses for banking and securities transactions.

With the new license, Seba said, he plans to formally launch the new trading platform in early October 2019. Seba’s plans include a digital asset platform for professional traders, firms and corporate customers, as well as asset surveillance and management.

Legal approval will allow digital asset offerings, including surveillance and integrated liquidity platform, for large digital currencies, including Bitcoin (BTC), Ether (ETH) and digital Swiss Franc tokens, Signum said.

The news follows FINMA’s newly released guidance on legal requirements for blockchain-based payments. The guide targets blockchain service providers, including stock exchanges, wallet providers and trading platforms.

FINMA stressed that businesses in the Blockchain sector are not exempt from the requirements of Anti-Money Laundering and The RNC.

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