Switzerland-based SEBA Bank has received permission from regulators to offer digital assets to Swiss-domiciled mutual funds. This is the first license of this type to be offered in the country.
The Swiss Financial Market Supervisory Authority (FINMA) license offered to SEBA will let the company act as a custodian bank. The CEO of the bank, Guido Buehler, said that it “constitutes a new enabler of liquid investment funds with crypto.”
“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. 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.”