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2 Switzerland Banks to Start Offering Crypto Services Next Month

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Two Swiss banks have received licenses from the Swiss Financial Market Supervisory Authority (FINMA) to start offering crypto-allied banking services.

The approved banks—Seba and Sygnum were granted provisional banking and security licenses, which enable them to officially conduct regulated crypto-related services such as deposits, lending, and withdrawals. With the new system, the banks are set to serve asset managers, startups, regular banks, and other financial institutions. While they received the licenses in August, none of the banks has been granted permission to publish its prospectus. The two banks will now be fully licensed within a month.

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