Seba Hong Kong Receives Approval-in-Principle from SFC for Crypto Banking
Seba, a crypto bank based in Switzerland, has obtained approval-in-principle (AIP) from Hong Kong’s Securities and Futures Commission (SFC) for its regional subsidiary. This approval is the first step towards acquiring a full license for Seba Hong Kong to deal in crypto or virtual assets-related products and traditional securities.
Key Points:
- Seba has received approval-in-principle from Hong Kong’s SFC.
- The approval allows Seba Hong Kong to deal in crypto assets and traditional securities.
- Hong Kong’s new regulatory regime aims to attract firms to the region.
- Seba already holds licenses in Switzerland and Abu Dhabi.
- The approval significantly extends Seba’s global regulatory footprint.
Seba CEO Franz Bergmueller stated that the approval aligns with the Hong Kong government and its financial regulators in supporting the responsible growth of the digital assets industry. Seba, founded in 2018, was the first digital asset company to receive a license from the Swiss Financial Market Supervisory Authority (Finma) in 2019. The bank has raised nearly $250 million, including a recent Series C funding round of $119 million for global expansion.
Hot Take:
Seba’s approval-in-principle from Hong Kong’s SFC is a significant development for the bank as it expands its international presence. With licenses in Switzerland, Abu Dhabi, and now Hong Kong, Seba is strengthening its global regulatory position and positioning itself as a key player in the digital assets industry.
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