Switzerland-based crypto-focused financial institution SEBA Bank has secured a regulatory license from Hong Kong regulators through its local wholly-owned subsidiary, enabling the entity to offer regulated cryptocurrency services to institutional investors in the city-state.
The full license comes three months after SEBA received in-principle approval from the Hong Kong regulators and nearly a year after the Swiss crypto bank first 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 allows SEBA Hong Kong to deal with and distribute all manner of securities, which include products related to digital assets such as over-the-counter (OTC) derivatives. Also, the entity will be able to offer advice on digital assets and securities and further “conduct asset management for discretionary accounts in both traditional securities and virtual assets.”
SEBA Hong Kong’s SFC license will enable the firm to cater to institutional and professional investors in the city-state, as stated in the official announcement, some of which include funds, high-net-worth individuals, and corporate treasuries.
Commenting on the latest development, Group CEO of SEBA Bank, Franz Bergmueller, said that Hong’s clear regulatory framework is advantageous for the bank and also allows businesses to seamlessly use cryptocurrency services.
“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 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, 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 by CryptoPotato, crypto custody firm Zodia Custody announced plans to serve institutional clients in Hong Kong amid increasing demand.
The post SEBA Bank’s Hong Subsidiary Receives Crypto Regulatory License From SFC appeared first on CryptoPotato.
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