Cryptocurrency platform SEBA Bank has secured an in-principle approval to operate in Hong Kong. The license gives the crypto bank the right to offer crypto-related services in the Chinese administrative region.
The license makes SEBA Hong Kong the first licensed corporation in Hong Kong with crypto capabilities backed by a Swiss crypto bank providing it with the platform to operate regulated activities in virtual assets.
SEBA Bank is a full-service, global crypto banking platform that provides financial solutions for the digital age, including wealth management, investment, trading, and advisory services. According to the bank’s press release, SEBA Bank secured the license from the Securities and Futures Commission (SFC) in Hong Kong.
With the license, the bank will operate regulated activities in Hong Kong to deal in securities, including virtual assets-related products, such as OTC derivatives and structured products. The bank will also be able to give advice on securities and virtual assets, as well as conduct asset management for discretionary accounts in both traditional securities and virtual assets.
Commenting on the award of the license, CEO APAC, SEBA Hong Kong, Amy Yu said it is a great opportunity because the license will make SEBA a part of the first group of licensed corporations in Hong Kong to conduct investment services with crypto capabilities in the market.
“It is exciting to be at the forefront of innovation in one of the world’s leading financial and technological centers, 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 recognize the value of digital assets,” she said.
“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 license in expanding our regulated footprint across Asia Pacific,” she added.
Critical Step in SEBA’s Journey
SEBA has played a significant role in drawing institutional investors to the crypto space. Although the bank has been operating in Hong Kong, this is the first time it is obtaining any form of licensing to operate legally.
The license serves as a first step in the bank securing a full license once all the conditions are met. It is also a major step in confirming SEBA as a regulated player in the big crypto economy in Hong Kong, which will help it push towards securing the future of crypto.
Also commenting on the license, Group CEO, SEBA Bank Franz Bergmueller said “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,” he said.
“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,” he added.
Extending SEBA Bank’s Footprint
Hong Kong’s AIP license is an addition that is further extending the company’s regulatory footprint. SEBA already has licenses in its home country, Switzerland and Abu Dhabi, which is another promising crypto destination.
This approval is just one of many that Hong Kong has done in recent times as it opened its doors to crypto companies to do business in its jurisdiction.