Switzerland’s SEBA Bank Snags First FINMA License for Liquid Crypto Funds

29 septembre 2021 Cryptomonnaies
crypto

SEBA Bank has been given permission by regulators to offer digital assets to Swiss-domiciled mutual funds, the first such license to be granted in Switzerland, according to the cryptocurrency-focused financial services firm.

Announced Wednesday, the license granted to SEBA by the Swiss Financial Market Supervisory Authority (FINMA) allows the firm to act as a custodian bank, and constitutes a new enabler of liquid investment funds with crypto, said SEBA Bank CEO Guido Buehler. Typically, crypto funds use alternative structures that come with a lock-in and costs for clients to get in or out.

“This collective investment scheme license allows institutional clients, and then later retail clients, to invest into crypto assets on a liquid basis through fund structures,” Buehler told CoinDesk in an interview, adding:

”It means there is now the opportunity for institutions to establish their fund structures for crypto as a liquid asset, so people can subscribe today and can sell tomorrow.”