Switzerland-based cryptocurrency bank SEBA Bank has achieved a significant milestone by securing a license from...
Switzerland-based cryptocurrency bank SEBA Bank has achieved a significant milestone by securing a license from the Hong Kong Securities and Futures Commission (SFC).
The SFC has granted regulatory approval to SEBA’s Hong Kong subsidiary, SEBA Hong Kong, allowing it to offer a wide range of crypto-related services within the region.
The license, dated November 3rd, enables SEBA to engage in the trading and distribution of all securities, including digital asset-related products like over-the-counter (OTC) derivatives. This marks SEBA’s initial entry into the Asia Pacific market.
SEBA initially established its presence in Hong Kong in November 2022 with a clear focus on expanding its services in the region.
In August 2023, the bank received in-principle approval from the SFC to provide virtual asset trading services. Beyond Switzerland and Hong Kong, SEBA is also actively operating in Abu Dhabi.
With the SFC license in hand, SEBA can now offer advisory services on securities and digital assets, as well as conduct asset management for discretionary accounts in both traditional and digital assets.
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This regulatory clearance also paves the way for SEBA to extend its services to institutional and professional investors, including corporate treasuries, funds, family offices, and high-net-worth individuals.
Franz Bergmueller, the CEO of SEBA, expressed his satisfaction with the development, highlighting Hong Kong’s central role in the cryptocurrency economy since the inception of Bitcoin.
He stated that SEBA is delighted to become part of the Hong Kong digital asset ecosystem, citing the region’s robust legal framework as a solid foundation for conducting crypto-related services.
He also noted that this regulatory clarity benefits both SEBA’s business and enhances Hong Kong’s reputation as a global financial services hub, home to numerous industry leaders in banking, asset management, and capital markets.
In 2023, Hong Kong has solidified its position in the global crypto landscape by establishing favorable regulations for cryptocurrency companies.
The city implemented a stringent licensing regime, allowing only a select few platforms to provide services to both international and retail customers.
Despite nearly 100 firms expressing interest in establishing branches in Hong Kong when the government announced licensing opportunities, only a handful successfully obtained approval, underlining the significance of SEBA Bank’s achievement.