Swiss Crypto Bank Amina Plans to Apply for VASP License in Austria
Date: 2024-09-10 Author: Henry Casey Categories: IN WORLD
Swiss crypto bank Amina has applied for a virtual asset service provider (VASP) license with the Austrian Financial Market Authority, CEO Franz Bergmüller said. In an interview with Finews published on Tuesday, Bergmüller said the bank needs to build a new team to operate and generate revenue in Austria.
“As a bank, we are approaching breakeven, but we have consciously decided that growth investments are the priority at this stage,” he added. Amina, formerly known as SEBA Bank, opened its headquarters in Zug, Switzerland, in April 2022.
Amina’s Path to Licensing Linked to EU MiCA Regulation
Amina’s quest for a license is linked to the recent implementation of the Markets in Cryptocurrency Assets Regulation (MiCA) in Europe, which came into force in June. It is the EU’s first attempt to unify crypto asset regulation across member states. The main goal of MiCA is to address the lack of specific financial regulations for crypto assets and provide clear guidelines for issuers and service providers in this space.
MiCA requires service providers and issuers of crypto assets to comply with various regulatory standards, especially those managing asset-backed tokens such as stablecoins and digital currency tokens. Compliance with these standards is necessary for legal activity in the EU.
Amina Expands Presence in Europe, Sees Demand for Cryptocurrency-Backed Loans
Amina plans to expand its presence in Europe and diversify its activities in this market. “Overall, our goal is to become the leading bank for the entire crypto ecosystem, including miners, funds, and crypto companies,” the CEO said. Bergmueller also noted the high demand for crypto-backed loans and said there is a waiting list for crypto startups looking to open traditional bank accounts. However, high fees are a deterrent to many.
The CEO emphasized that Amina’s clients are “very convinced” of cryptocurrencies and hold on to their investments for the long term, despite significant price fluctuations.
“Our clients have often been invested in this asset class for over a decade,” he added. “They know the cycles and have lived through several crypto winters, which gives them the necessary stamina.”
