The Swiss cryptocurrency bank SEBA has been granted a license by the Hong Kong Securities and Futures Commission (SFC).
SEBA Bank initiated its expansion into Hong Kong in late 2022 by establishing an office in November. By August 2023, the company had secured in-principle approval to provide virtual asset trading services.
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SEBA Bank, a Switzerland-based crypto bank, has secured a license from the Hong Kong Securities and Futures Commission (SFC), allowing its Hong Kong subsidiary, SEBA Hong Kong, to provide a range of crypto-related services in the region. According to information available on the SFC's website, SEBA was granted this license on November 3.
SEBA Bank SFC license details. Source: SFC
This license enables SEBA to engage in dealing and distributing all types of securities, including digital assets-related products such as over-the-counter (OTC) derivatives. It marks SEBA's initial foray into the Asia Pacific region.
SEBA originally established an office in Hong Kong in November 2022 with a focus on expanding its services in the area. The bank had previously received in-principle approval from the SFC to offer virtual asset trading services in August 2023. Apart from Switzerland, SEBA is also active in Abu Dhabi.
The SFC license allows SEBA to provide advisory services on securities and digital assets, as well as conduct asset management for discretionary accounts involving both traditional and digital assets. It also grants the Swiss firm the ability to cater 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 in an official statement, emphasizing that Hong Kong has played a pivotal role in the crypto economy since the inception of Bitcoin. He noted that SEBA is pleased to be part of the Hong Kong digital asset ecosystem and praised the region's strong legal framework, which benefits both their business and Hong Kong's status as a global financial services hub.
In 2023, Hong Kong solidified its presence in the global crypto economy by establishing favorable regulations for crypto companies to thrive. The city implemented a stringent licensing regime, allowing only a select few platforms to offer their services to international and retail customers. Out of nearly 100 firms expressing interest in opening branches in Hong Kong when the government introduced licensing, only a handful successfully obtained approval.
