Nikolas Sargeant
Swiss-based crypto bank Amina is seeking a Virtual Asset Service Provider (VASP) license from the Austrian Financial Market Authority, according to CEO Franz Bergmüller. In a recent interview with Finews, Bergmüller revealed the bank must establish a dedicated team in Austria before beginning operations and revenue generation.
"As a bank, we're close to break-even, but we're prioritizing growth investments for the time being," Bergmüller stated. Amina, previously known as SEBA Bank, moved its headquarters to Zug, Switzerland, in April 2022.
Amina’s License Pursuit Aligns with EU’s MiCA Regulation
Amina’s move for a VASP license is in line with the introduction of the EU’s Markets in Crypto-Assets (MiCA) regulation, implemented in June. MiCA is the EU's first attempt to create a unified regulatory framework for crypto-assets, aiming to bring clear guidelines for issuers and service providers.
Under MiCA, crypto service providers and token issuers must comply with specific regulatory requirements, especially for managing asset-referenced tokens like stablecoins and e-money tokens. This compliance is essential for legal operations across the EU.
Amina Eyes European Expansion Amid Rising Demand for Crypto Loans
Amina is also looking to expand across Europe, with its CEO emphasizing the growing demand for crypto-backed loans. “We aim to be the leading bank for the crypto ecosystem, including miners, foundations, and crypto funds,” Bergmüller noted.
He highlighted that Amina has a waiting list of crypto startups eager to open traditional bank accounts but are held back by high fees. Despite market volatility, Amina’s clients, many with over ten years of experience in cryptocurrencies, are long-term investors who remain undeterred by price fluctuations.
"Our clients understand the crypto cycles and have lived through multiple crypto winters, which gives them the confidence to hold steady," the CEO remarked.
