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Author Topic: World's First Licensed Crypto Bank Seen As Game-Changer For Switzerland  (Read 3445 times)

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The co-founders of Sygnum crypto bank have hailed the award of a Swiss banking license as a game changer that could open the floodgates to the integration of cryptocurrencies and other digital assets into the established financial sector.


Sygnum, along with SEBA, were awarded provisional banking and securities dealer licenses by Switzerland’s financial regulator on Monday. Both entities will become fully-fledged banks once they have completed some final routine regulatory hurdles.

“This is the first time such licenses have been granted worldwide, so Switzerland is playing a pioneering role,” Manuel Krieger, CEO of Sygnum Switzerland, told swissinfo.ch. He also thinks the early movers will encourage others to take the plunge. “We now have a responsibility as an enabling platform to help banks and other financial players make the step into the digital asset world.”

“Cryptocurrencies will come out of the shadows if dealing with these assets can be done in a 100% compliant manner upholding all the rules that a strict regulator demands. That is a game changer,” he added.

Until now, the crypto asset sector had failed to completely convince the Swiss Financial Market Supervisory Authority (FINMAexternal link) that it could safely and reliably integrate the worlds of crypto and mainstream finance.

Sygnum and SEBA have now proven this possible to the regulator’s satisfaction. Sygnum has even created its own digital payment token, backed by Swiss francs, which can be used to complete trades on its platform.

The benefits of tokenising all types of financial assets in a purely digital format and trading them on DLT ledgers are believed to be manifold. Bypassing intermediaries should make both trading and issuing company shares faster and cheaper. Instantaneous settlement would also eliminate the risk of trades going wrong while they wait a few days to complete.

https://www.zerohedge.com/news/2019-08-28/worlds-first-licensed-crypto-bank-seen-game-changer-switzerland


This is Sygnum: https://www.sygnum.com

This is Seba: https://www.seba.swiss/#intro

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