SEBA Bank has announced its Hong Kong subsidiary has been awarded an approval-in-principle (AIP) from the Securities and Futures Commission (SFC) for crypto services.
SEBA Hong Kong is set to become the first licensed corporation in Hong Kong with crypto capabilities backed by a Swiss crypto bank, SEBA Bank AG (SEBA Bank), providing it with the platform to operate regulated activities in virtual assets.
HK license part of SEBA’s APAC expansion
The entity received the AIP for its licence application to operate regulated activities in Hong Kong to deal in securities, including virtual assets-related products, such as OTC derivatives and structured products; advise on securities and virtual assets; and conduct asset management for discretionary accounts in both traditional securities and virtual assets.
SEBA Hong Kong is set to be part of the first group of licensed corporations in Hong Kong to conduct investment services with crypto capabilities in the market. HashKey Group was the first to obtain such a license.
The HK license is also part of SEBA’s Asia Pacific strategy, which will allow the firm to be on the ground providing wealth management, investment, and advisory services for investors with the security and customer experience that accompanies a regulated institution.
“Enormous potential in Hong Kong’s journey to becoming a global crypto market leader”
Amy Yu, CEO APAC, SEBA Hong Kong, commented: “It is exciting to be at the forefront of innovation in one of the world’s leading financial and technological centres, Hong Kong. This AIP signifies that all our efforts are heading in the right direction –– SEBA group wants to service crypto investors in jurisdictions that recognise the value of digital assets. We see enormous potential in Hong Kong’s journey to becoming a global crypto market leader and look forward to contributing to that trajectory. SEBA Hong Kong commends the example Hong Kong sets for regulatory standards worldwide, and values the role of this licence in expanding our regulated footprint across Asia Pacific”.
Franz Bergmueller, Group CEO, SEBA Bank, commented: “SEBA Hong Kong’s AIP is a reflection of our team’s commitment towards compliance and due diligence — essential pillars of tomorrow’s digital economy. Complementing SEBA group’s established licences in Switzerland (FINMA) and Abu Dhabi (FSRA), the Hong Kong AIP significantly extends our global regulatory footprint. SEBA group aligns itself with the Hong Kong government and its financial regulators in facilitating an environment that supports the responsible growth of the digital assets industry.”
