Swiss Crypto Banks Receive Licenses From Financial Regulator

[nankers]

Another good news comes from Switzerland. Two Swiss crypto-specializing firms, Seba Crypto AG and Sygnum have received banking and securities dealer licenses, the banks said in separate statements on Aug. 26. I found this great news (i think) at this link

https://cointelegraph.com/news/swiss-crypto-banks-receive-licenses-from-financial-regulator

if this news is true (I hope this is true news from the cointelegraph), I think this is a progression of some other good news from Switzerland in this month.

what do you think? is this news true? If so, do you think there will be a significant change to cryptocurrency in Switzerland?
(in my opinion only this news will bring a slight change to the world of cryptocurrency in switzerland)

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[Dionisio]

Seems true, just reported on other sites too

http://fintechnews.ch/blockchain_bitcoin/seba-finma-banking-and-securities-dealer-licence/30263/

[pishite]

Another good news comes from Switzerland. Two Swiss crypto-specializing firms, Seba Crypto AG and Sygnum have received banking and securities dealer licenses, the banks said in separate statements on Aug. 26. I found this great news (i think) at this link

https://cointelegraph.com/news/swiss-crypto-banks-receive-licenses-from-financial-regulator

if this news is true (I hope this is true news from the cointelegraph), I think this is a progression of some other good news from Switzerland in this month.

what do you think? is this news true? If so, do you think there will be a significant change to cryptocurrency in Switzerland?
(in my opinion only this news will bring a slight change to the world of cryptocurrency in switzerland)

in an unstable market, at least some good news.  Given that all this happens in Switzerland, it can be hoped that after obtaining a license, the projects will work in full.  Just how other countries, such as the USA, will react to this.  After all, this will hit the dollar hard and give a small leap in the Bitcoin exchange rate.

[Rozita]

I visited Seba Crypto AG website which is one of the licensed company mentioned in the article. It doesn't seem they are going to create something new and special.  It seems that they are going to create a centralized bank account for our cryptocurrencies. Nothing more!
According to their website they will provide bank accounts for fiat and digital assets in one place. If we assume that digital assets include cryptocurrencies, they are going to create a bank account for our cryptocurrencies.
They will also provide e-banking apps. In this case, they are going to release a wallet which is regulated by Switzerland government. They are going to help the governments to play role as a third party in our cryptocurrencies transactions. We don't need it. We already have decentralized wallets. We use cryptocurrencies to be independent from banks and now they are offering bank accounts.
According to their website, they will also tokenize fiat, precious metals and any valuable product. I think it's better to focus only on this. We don't need bank accounts for our cryptocurrencies. We have already better options to keep our cryptocurrencies safe.

[mazdafunsun]

Red the article , it has 2 references to the companies which are mentioned there.
Both links go to company sites where they have news articles which are about newly gotten licenses. If those companies are legit themselves then the news are legit.
Besides Switzerland always has been the number one banking country and they do not want to lose that.

[Rozita]

Red the article , it has 2 references to the companies which are mentioned there.
Both links go to company sites where they have news articles which are about newly gotten licenses. If those companies are legit themselves then the news are legit.
Besides Switzerland always has been the number one banking country and they do not want to lose that.

The news is true. The companies are also legit. But they are unneeded.
You are right about Switzerland banking system. Switzerland's banks are the safest banks all over the world with very low level of risks. Depositors are always protected. These are why Switzerland banks account are really especial. But all of these true only when we are talking about fiat money.
Cryptocurrencies don't need banks. Because we don't need bank accounts. Also, we don't need banks to send our money to others account. We have a decentralized wallet and some private keys. We don't need any thing more.

[dantee1]

I generally don't see this as a good news for cryptocurrency. Because the whole essence of Bitcoin and other crypto is to remain decentralized and largely unregulated. Once banks begin to come in and regulations begins to take place, Bitcoin will become centralized just like fiat currencies. So, what's the good news?

Everything we need to run successful bitcoin transactions are already being provided by wallet operators. In my opinion, we don't need the noises and fuss of banks

[Rozita]

I generally don't see this as a good news for cryptocurrency. Because the whole essence of Bitcoin and other crypto is to remain decentralized and largely unregulated. Once banks begin to come in and regulations begins to take place, Bitcoin will become centralized just like fiat currencies. So, what's the good news?

Bitcoin will never become centralized. You will be always able to make transactions decentralized and anonymous. No one can stop the network unless miners stop their work. (That time bitcoin will be totally dead)
As I said in a post above, I agree with you we don't need banks when we deal with cryptocurrencies. We just need the blockchain. But I don't agree that this is not a good news. If you think these banks and governments can make bitcoin centralized, you are wrong. They can only make some centralized platform and we can simply ignore them and use our own decentralized wallets. Let them make their useless effort. Bitcoin is always decentralized with the help of blockchain technology. Not only these kind of news are not bad, but shows that cryptocurrencies will gain mass adoption in future and will attract many new investors if medias spread these news.

[avikz]

Ok, let me confirm on the correctness of this news. Firstly I will go with SEBA and the link below will connect you to the actual news from their own website,

https://www.seba.swiss/news/FINMA-licence-received/

Even if the license is conditional and they will have to fulfill few other conditions before they become operational, but still a great move!

Now I will jump to Sygnum. See the below link,

https://www.insights.sygnum.com/post/sygnum-digital-asset-technology-group-receives-finma-banking-and-securities-dealer-licence

This confirms the correctness of the news of their part as well. It doesn't look like a conditional one.

[bitart]

I visited Seba Crypto AG website which is one of the licensed company mentioned in the article. It doesn't seem they are going to create something new and special.  It seems that they are going to create a centralized bank account for our cryptocurrencies. Nothing more!
According to their website they will provide bank accounts for fiat and digital assets in one place. If we assume that digital assets include cryptocurrencies, they are going to create a bank account for our cryptocurrencies.
They will also provide e-banking apps. In this case, they are going to release a wallet which is regulated by Switzerland government. They are going to help the governments to play role as a third party in our cryptocurrencies transactions. We don't need it. We already have decentralized wallets. We use cryptocurrencies to be independent from banks and now they are offering bank accounts.
According to their website, they will also tokenize fiat, precious metals and any valuable product. I think it's better to focus only on this. We don't need bank accounts for our cryptocurrencies. We have already better options to keep our cryptocurrencies safe.

This is right from the technical point of view. Bitcoin doesn't need 3rd party, or centralized platform.
But, even for temporary period of time, it's possible that these kind of trusted 3rd parties could help the mass adoption.
Just imagine, now those people, who don't have a clue about bitcoin, have do their own research about bitcoin to start to deal with bitcoin.
It's not easy for a 'newbie' to start with bitcoin, there are a lot of scam sites, scam exchanges, etc...
They don't know how to store their bitcoin safely, if they managed to buy some, etc...
These 3rd parties could help them to skip these initial problems and after some of them who want to use bitcoin as a decentralized currency/store of value, will learn about bitcoin and will just leave these 3rd parties and buy a hardware wallet at least, and start to use bitcoin as it's advised for those who want to eliminate the middle men in their financial transactions.

[dantee1]

I generally don't see this as a good news for cryptocurrency. Because the whole essence of Bitcoin and other crypto is to remain decentralized and largely unregulated. Once banks begin to come in and regulations begins to take place, Bitcoin will become centralized just like fiat currencies. So, what's the good news?

Bitcoin will never become centralized. You will be always able to make transactions decentralized and anonymous. No one can stop the network unless miners stop their work. (That time bitcoin will be totally dead)
As I said in a post above, I agree with you we don't need banks when we deal with cryptocurrencies. We just need the blockchain. But I don't agree that this is not a good news. If you think these banks and governments can make bitcoin centralized, you are wrong. They can only make some centralized platform and we can simply ignore them and use our own decentralized wallets. Let them make their useless effort. Bitcoin is always decentralized with the help of blockchain technology. Not only these kind of news are not bad, but shows that cryptocurrencies will gain mass adoption in future and will attract many new investors if medias spread these news.

What happens when government begins to license Bitcoin banks and then makes it illegal to trade or store bitcoin without going through the banks? You know how government controls everything they want by simply declaring certain activities illegal?

While I agree with you that Bitcoin is designed to be decentralized, I don't see licensing Bitcoin/Crypto banks as good news to the crypto community cos that may attract government regulations. Government always jump into regulation once they sense the willingness to comply, and seeking Crypto banks license is a way of indicating to governments that the industry is willing to comply to regulations. Those banks could even lobby the government to regulate just for their own gain. 

[Slow death]

I do not understand some things, https://www.seba.swiss is a crypto bank, right? or am i getting it wrong?

I suppose if they are a crypto bank then they will serve to exchanges, so the exchange will can deposit their crypto in that bank ( https://www.seba.swiss ). with that the crypto of the exchanges will stay safe? or am i getting it wrong too?

[auntyjmary]

I just went through the news item through the links , the companies are truly recognized hence the news report can be really true. The license given them is a true indication of the gradual progress that is moving towards mass adoptation of cryptocurrencies across the globe. Switzerland has a strong financial influence on the rest of the world hence many countries may allow banks to incorporate crypto in their daily dealings.
 

[Rozita]

What happens when government begins to license Bitcoin banks and then makes it illegal to trade or store bitcoin without going through the banks? You know how government controls everything they want by simply declaring certain activities illegal?

I completely understand your concern. But I don't think that will happen. It's too late to declare bitcoin transactions illegal.
Assume that United States or United Union has declared bitcoin transactions illegal. Does it stop the network? Aren't you able to send me some bitcoin any more?
You will be able to send me bitcoins. I know your concern is the troubles you will have after making the transaction. Because now you are a criminal. But note that you can remain anonymous.
This feature of bitcoin will cause a underground market to be created and that's why governments have not declared bitcoin transactions illegal. They don't want bitcoin market to be like alcohol and drugs market.
Also note that even if United States or any other country declare bitcoin transactions illegal, there will be other countries accept it and that will cause your bitcoins to be still valuable.
Any way, everything is possible and it was only my opinion. I admit that the future of cryptocurrencies is unpredictable. Hope I am right.  

[nankers]

I generally don't see this as a good news for cryptocurrency. Because the whole essence of Bitcoin and other crypto is to remain decentralized and largely unregulated. Once banks begin to come in and regulations begins to take place, Bitcoin will become centralized just like fiat currencies. So, what's the good news?

Bitcoin will never become centralized. You will be always able to make transactions decentralized and anonymous. No one can stop the network unless miners stop their work. (That time bitcoin will be totally dead)
As I said in a post above, I agree with you we don't need banks when we deal with cryptocurrencies. We just need the blockchain. But I don't agree that this is not a good news. If you think these banks and governments can make bitcoin centralized, you are wrong. They can only make some centralized platform and we can simply ignore them and use our own decentralized wallets. Let them make their useless effort. Bitcoin is always decentralized with the help of blockchain technology. Not only these kind of news are not bad, but shows that cryptocurrencies will gain mass adoption in future and will attract many new investors if medias spread these news.

I completely agree with your opinion. we as cryptocurrency users actually do not really need a bank to store all the crypto assets that we have. but seeing this news, I have opinion that the government's goal to legalize crypto banks is that all crypto transactions can be centralized to only a few exchanges so that the government can monitor all cryptocurrency transactions. and the effect of monitoring all cryptocurrency transactions is possible to reduce all forms of anonymous and can also take some tax fee from each transaction

[jostorres]

Though I have not made my findings, but I would not really doubt the news because Switzerland as been supportive of cryptocurrency in every area and I think they are the ones that understand the cryptocurrency technology completely more than every other countries that has partially or yet to implement the use of cryptocurrency.

This is really a great news and I am sure that it would be very positive to the market this period, many Switzerland will tend to rely on cryptocurrency now after they have gotten full sig and support from government of it. What we just need now is for other great countries to follow up on the use of it too and then document it as law so that we can have an increased adoption rate in the industry.

[MonsterV]

Though I have not made my findings, but I would not really doubt the news because Switzerland as been supportive of cryptocurrency in every area and I think they are the ones that understand the cryptocurrency technology completely more than every other countries that has partially or yet to implement the use of cryptocurrency.

This is really a great news and I am sure that it would be very positive to the market this period, many Switzerland will tend to rely on cryptocurrency now after they have gotten full sig and support from government of it. What we just need now is for other great countries to follow up on the use of it too and then document it as law so that we can have an increased adoption rate in the industry.

That's right, Switzerland has so far been a country that has been very supportive existence crypto so that it has entered into crypto-friendly countries. Switzerland has supported many crypto companies and so far they have always made it happen, I'm also very sure this time it will really happen. The news delivered above will definitely be realized as soon as possible because Switzerland is a real country with bitcoin and crypto. I also hope that other crypto-friendly countries will move like Switzerland.

[Oyarebu]

Seeing these news as positive means much to me but in the other hand not very happy because they tend to double cross the meaning of cryptocurrency. What I see happening here us a centralize cryptocurrency and its wallet, which will be control by the same government who have all these years oppresse us. Although, having them into the industry will bring cryptocurrency  closer to the people and faster than we thought.

[kryptqnick]

Switzerland has been fairly welcoming about cryptos for a while know. After all, the famous canton of Zug is like a crypto Silicon Valley. But if I am not mistaken, they used to keep a distance from the fights with banks by making cryptos property rather than legal tender. I wonder if letting open a bank account with cryptos changes that... If the banks still stay in power with all their decentralization, though, I believe it still counts as balancing between innovation and tradition. It's easy to understand Switzerland since Swiss banks are arguably some of the best in the world, and going against them would not be a good move from the economic standpoint in this country. I believe it's better to have something like this than a policy that bans cryptos, but at the same time, this approach diminishes the whole thing of decentralization and pseudo-anonymity.

[gantez]

This is a good news that Switzerland is beginning to approve of crypto in their region and giving license, worthy to emulate. The swiss showed a lot of strength, focus and control over the fiat with the world bank situated there. Can they be that strong in crypto matter too....

[ene1980]

Another good news comes from Switzerland. Two Swiss crypto-specializing firms, Seba Crypto AG and Sygnum have received banking and securities dealer licenses, the banks said in separate statements on Aug. 26. 

Switzerland is always proactive when it comes to adoption of digital technology and they never had any issues with bitcoin in the past and it is good to see that FINMA granted license and we will see legal trading platforms from Switzerland and according to the news release they are planning to start them this year itself. I hope many countries will follow the same route when it comes to crypto regulation.

[Rozita]

Switzerland is always proactive when it comes to adoption of digital technology and they never had any issues with bitcoin in the past and it is good to see that FINMA granted license and we will see legal trading platforms from Switzerland and according to the news release they are planning to start them this year itself. I hope many countries will follow the same route when it comes to crypto regulation.

I don't agree that Switzerland government haven't had any issue with bitcoin.
If they had no issue, they would ignore it and allow people use bitcoin however they want.
I still think that people are able to use bitcoin however they want as bitcoin is decentralized. But this is not what Switzerland government want. They want people hold their bitcoins in centralized bank accounts. They want to have control over people's bitcoins. But I don't think they will be successful. People will ignore such banks account and continue to use decentralized wallets.

[salty]

If so, do you think there will be a significant change to cryptocurrency in Switzerland?
(in my opinion only this news will bring a slight change to the world of cryptocurrency in switzerland)

Initially, Switzerland was positive about cryptocurrencies, and it is not surprising that such positive news comes from this country.The whole industry is moving towards recognition and mass application.It is a matter of time when the Swiss companies will be followed by others.

[ck343]

Cryptocurrencies don't need banks. Because we don't need bank accounts. Also, we don't need banks to send our money to others account. We have a decentralized wallet and some private keys. We don't need any thing more.

In order to exist, cryptocurrencies don't need banks.
Actually, for me, the fact that they allow to circumvent banks is the most appealing feature of cryptocurrencies.

Currently cryptos are not mainstream, their acceptance is extremely limited in the business world.
Until today, cryptos are a world mostly limited to traders.
Being used by recognised banks insert them into the banking system, giving them a substantial boost to become mainstream currencies.
That's the way this world is.

For now, I guess you have to choose, either mainstream or ideological purity.
I consider it as a necessary step to get rid of the evil 


Btw, article found also here
https://www.zerohedge.com/news/2019-08-28/worlds-first-licensed-crypto-bank-seen-game-changer-switzerland

Taken from here
https://www.swissinfo.ch/eng/licenses-awarded_-world-s-first--crypto-banks--game-changer--for-switzerland/45187400

[barbara44]

Crypto Banks? Did I miss something? Were these not completely different concepts before?

I don’t know of the one that you are exposed to, but I have heard of these crypto banks too of late and I think that they are quite growing in number, although I still don’t know how their function will be like and if we have to store our crypto with them, I believe that with time we will fully know how they actually do function.

I think in one hand, it is a very good news, because it shows that government are beginning to get more interested in cryptocurrency, because for this Swiss bank to have been approved by financial regulators, then it has gotten the highest approval from government, but on the other hand, I think we are beginning to turn the system to a centralized one and not decentralized as satoshi really made the cryptocurrency idea to be.

[BitHodler]

In order to exist, cryptocurrencies don't need banks.
Actually, for me, the fact that they allow to circumvent banks is the most appealing feature of cryptocurrencies.

Crypto indeed doesn't need banks to exist, but the far majority of the people want to see prices increase. In order to do that, money has to be wired to a bank the exchange in question works with.

If you take banks away, there will be way less liquidity coming into crypto, that the prices will keep falling and investors will lose interest. Crypto has only speculation going for itself. Take that away and you're left with a house of cards.

Only when Bitcoin has really grown on people as store of value and they appreciate the decentralized nature of it, then things could be different, but we aren't anywhere near that point yet. Be careful what you wish for.

[AjithBtc]

If so, do you think there will be a significant change to cryptocurrency in Switzerland?
(in my opinion only this news will bring a slight change to the world of cryptocurrency in switzerland)

Initially, Switzerland was positive about cryptocurrencies, and it is not surprising that such positive news comes from this country.The whole industry is moving towards recognition and mass application.It is a matter of time when the Swiss companies will be followed by others.

Yes, Switzerland is one among the cryptocurrency friendly country. This time Financial Market Authority has given the opportunity to function with some strict regulations. The license provided is a milestone along with new standards being set to the banking in the blockchain and digital assets economy. Financial Market Authority has also set standards on how to apply the anti money laundering on blockchain companies.

[drumamat]

Switzerland is a country of financial freedom.I'm just sure that all the changes in the crypto space will begin from this country.You need to be attentive to all the news coming from this country.

[Kprawn]

The combination of the words crypto and bank sounds very strange.

Well yea, but not if this is a Bank that would be willing to help with the Fiat to Crypto conversion. We see a lot of Banks that wants to sabotage

Crypto currencies by closing people's Bank accounts when they pick up that those accounts are used for Crypto related activities. A Bank that

would stick it to those Banks would get my business.    If this is just another Bank that wants to store people's coins or tokens, then I am totally

against it. You are your own Bank. 

[drumamat]

The combination of the words crypto and bank sounds very strange.

  If this is just another Bank that wants to store people's coins or tokens, then I am totally

against it. You are your own Bank. 

Yes, in any case, do not need to send your coins for storage in banks.This approach is initially very contradictory.Whatever the Bank is and wherever it is I wouldn't do it.

[pragna]

Crypto currency always go with block chain technology. So i could not understand what will do here banking system. I visited both sites but i think nothing special here. Switzerland banking or economy system is very good in world so that they may first tried to capture crypto currency to their hand but i think it could not do. But their working behind cryptocurrency is appropriated.

I think when other will see Swiss working behind it, it will be more popular to all.

[pjcaruci]

It's still no reason to trust the banks.

[AjithBtc]

Switzerland is a country of financial freedom.I'm just sure that all the changes in the crypto space will begin from this country.You need to be attentive to all the news coming from this country.

Agreed, Switzerland is the only country where there is more of financial freedom. The same has made people from countries around the world to invest on their banks as they don't reveal anything regarding the investor and the amount invested. This means it gives the user the anonymity, and long back itself they've got into cryptocurrency with their own cryptocurrency apart from bitcoin usage. Now two firms getting legal licenses will add value to it.