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  • The two banks are one of the country’s first banks to be approved and backed by high-profile bankers.
  • More crypto-focused banks are expected to open in the coming years since because of market need.  

According to the finews website, Swiss banking regulator, Finma has granted licenses to two cryptocurrency-focused banks SEBA Crypto and Sygnum. These are the first crypto-focused banks of the country and are backed by high-profile bankers. The SEBA Crypto’s website stated that the firm is already leveraging approval and making moves to implement the business into the traditional market space.

The website stated:

“The license is granted on a conditional basis and will come into effect once SEBA fulfills all the secondary criteria specified by FINMA. SEBA expects to be operational in October 2019 after these criteria are met.”

It’s noteworthy that the approval is conditional on SEBA completing the secondary criteria of the FINMA application. In case they fail to do so, the license can be revoked. Sygnum is the other bank that obtained the license. The bank, focusing on digital assets, aims to provide customers with security options. According to their website, the bank safely issues, stores, trades and manages digital assets.  

Sygnum’s announcements page stated:

“Sygnum, a digital asset technology group, has received a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA). This is the first time this license has been awarded to a digital asset specialist with an independently controlled, scalable and future-proof banking solution.”