SEBA Bank Receives Regulatory License in Hong Kong
SEBA Bank, a crypto-focused financial institution based in Switzerland, has obtained a regulatory license from Hong Kong regulators through its local wholly-owned subsidiary. This enables the entity to provide regulated cryptocurrency services to institutional investors in Hong Kong.
The full license comes after SEBA received in-principle approval from the Hong Kong regulators three months ago and nearly a year after the Swiss crypto bank first established an office in the region.
SEBA Fully Licensed to Operate in Hong Kong
SEBA Hong Kong, a subsidiary of SEBA Bank, received a license from the Hong Kong Securities and Futures Commission (SFC) as part of the bank’s global expansion plans. The new license allows SEBA Hong Kong to deal with and distribute all manner of securities, including products related to digital assets such as over-the-counter (OTC) derivatives. Additionally, the entity will be able to offer advice on digital assets and securities and conduct asset management for discretionary accounts in both traditional securities and virtual assets.
The SFC license will enable SEBA Hong Kong to cater to institutional and professional investors in the city-state, including funds, high-net-worth individuals, and corporate treasuries.
Group CEO of SEBA Bank, Franz Bergmueller, emphasized that Hong’s clear regulatory framework is advantageous for the bank and also allows businesses to seamlessly use cryptocurrency services.
Hong Kong Remains Attractive to Crypto-Related Businesses
SEBA Bank first established an office in Hong Kong in November 2022, marking the firm’s first foray into the Asia-Pacific (APAC) region. In August 2023, the Hong Kong subsidiary obtained in-principle approval from the SFC. The current license adds to the list of SEBA’s existing licenses, bringing the total number to three, with previous approvals from regulators in Switzerland and Abu Dhabi.
APAC CEO at SEBA Hong Kong, Amy Yu, expressed excitement about securing this license from the SFC due to Hong Kong’s deep-rooted capital markets and appetite for investment and trading. This provides enormous potential for their business owing to the well-established regulatory framework present there.
Crypto custody firm Zodia Custody also announced plans to serve institutional clients in Hong Kong amid increasing demand.
Hot Take: Expanding Opportunities for SEBA Bank in Asia
The acquisition of a regulatory license by SEBA Bank’s subsidiary opens up new opportunities for both SEBA and institutional investors interested in cryptocurrency services within Hong Kong. This move further solidifies SEBA’s presence in Asia while showcasing its commitment to navigating global expansion plans.
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