As reported earlier, Switzerland authority gave banking and security licenses to SEBA Crypto and Sygnum who are crypto-focused platforms. Co-founders of Sygnum in an interview to Swissinfo called this decision by FINMA as game-changer and could potentially change the whole crypto market in the country.
Both SEBA and Sygnum are all set to become fully functioning banks with the primary focus on the cryptocurrencies. Manuel Krieger, CEO of Sygnum, said that this is the first time such licenses have been granted worldwide, so Switzerland is playing a pioneering role and they have the responsibility to make other banks and financial players to enter into the digital assets world.
Mathias Imbach, the co-founder of Sygnum, said that this decision would have a positive implication on blockchain internationally. He further added that dealing with cryptocurrencies and complying with regulators could be a game-changer, and it could help bring dealings in cryptos from under the shadows.
Switzerland has been at the forefront when it comes to adopting blockchain and digital currencies. Currently, the country is in the process of updating its financial legislation to incorporate the blockchain technology. Crytpo-friendly nature of the regulators there is also one of the reasons Facebook set its Libra Association in the country.
FINMA has granted the license to both banks after making that they comply with regulators and abide by all mandatory anti-money laundering and terrorism rules.