SEBA Bank’s Hong Kong Subsidiary Granted Crypto Regulatory License by SFC

SEBA Bank Secures Regulatory License in Hong Kong

Switzerland-based SEBA Bank has obtained a regulatory license from Hong Kong regulators through its local wholly-owned subsidiary, allowing the entity to provide regulated cryptocurrency services to institutional investors in the city-state. This full license comes after SEBA received in-principle approval from Hong Kong regulators three months ago and nearly a year after the Swiss crypto bank established an office in the region.

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, according to an announcement on Nov. 8, 2023. The new license enables 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 allow SEBA Hong Kong to cater to institutional and professional investors in the city-state, including funds, high-net-worth individuals, and corporate treasuries.

Franz Bergmueller, Group CEO of SEBA Bank, commented on the latest development, stating, “The region’s robust legal system provides a solid foundation to conduct crypto-related services and we look forward to beginning that from today.”

SEBA Bank first established an office in Hong Kong in November 2022, marking the firm’s first entry 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.

Amy Yu, APAC CEO at SEBA Hong Kong, also commented on the SFC license, stating, “We are tremendously excited by Hong Kong’s deep-rooted capital markets and appetite for investment and trading; to have secured this license from the SFC provides enormous potential for our business, owing to the well-established and defined regulatory framework that is present here.”

As previously reported, crypto custody firm Zodia Custody announced plans to serve institutional clients in Hong Kong amid increasing demand.

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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