Swiss Crypto Bank Amina Aims for Austrian VASP License

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

About Author

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Share

Last updated:

September 10, 2024 01:45 EDT

Why Trust Cryptonews

With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

Swiss-based crypto bank Amina is applying for a Virtual Asset Services Provider (VASP) license with the Austrian Financial Market Authority, CEO Franz Bergmüller has said.

In a Finews interview published Tuesday, Bergmüller explained that the bank must establish a new team before conducting business or generating revenue in Austria.

“As a bank, we are approaching break-even but have deliberately decided that investments in growth take priority at the moment,” he added. Amina, previously called SEBA Bank, established its headquarters in Zug, Switzerland, in April 2022.

Amina’s License Quest Tied to EU’s MiCA Regulation

Amina’s efforts to obtain a license align with the recent implementation of Europe’s Markets in Crypto-Assets (MiCA) regulation in June. It marks the EU’s first attempt to standardize crypto-asset regulation across member states. Its goal is to address the lack of specific financial rules for crypto-assets, providing clear guidelines for issuers and service providers in the industry.

MiCA requires crypto-asset service providers and issuers to meet various regulatory standards. This is especially true for those managing asset-referenced tokens like stablecoins and electronic money tokens. Compliance with these standards is necessary to operate legally within the EU.

Amina to Expand in Europe, CEO Highlights Demand for Crypto-Backed Loans

Amina plans to further diversify geographically by expanding its presence into Europe. “In general, we aim to become the leading bank for the entire crypto ecosystem, including miners, foundations, and crypto funds,” the CEO said.

The executive highlighted a strong demand for crypto-backed loans and revealed that Amina has a waiting list of crypto startups seeking traditional bank accounts. However, many are discouraged by the high fees involved.

He noted that Amina’s clients are “fully convinced” about cryptocurrencies. They hold their investments for the long term, even in the face of significant price swings, according to the exec.

“Our clients have often been invested in this asset class for more than ten years,” he added. “They know the cycles and have weathered several crypto winters. This gives them the necessary composure.”