SEBA's Cryptocurrency Services Have Received Initial Approval from Regulators in Hong Kong

SEBA Bank The globally recognized SEBA Bank announced that its regional branch in Hong Kong has been granted an approval-in-principle (AIP) from the Hong Kong Securities and Futures Commission (SFC).

SEBA Hong Kong has successfully obtained the preliminary approval needed to move forward with a license that allows it to conduct regulated activities in Hong Kong. This includes transactions in securities, involving products linked to virtual assets like OTC derivatives and structured investment products.

Their capabilities also extend to providing guidance on both traditional securities and virtual assets, as well as offering asset management services for discretionary accounts.

SEBA Bank Aims to Enhance Hong Kong’s Crypto Ecosystem

Once the license is granted, SEBA Hong Kong will be able to provide investment services infused with cryptocurrency features. This will include trading in securities, especially products related to digital assets, such as structured offerings and over-the-counter (OTC) derivatives.

In addition, the institution will have the authority to provide consulting services concerning both conventional securities and digital assets, broadening its investment management services for discretionary clients.

"This approval-in-principle is a confirmation that we are on the right path. SEBA group aims to cater to cryptocurrency investors in regions that acknowledge the significance of digital assets. We recognize the vast potential within Hong Kong's ambitions to establish itself as a leading crypto marketplace and are excited to play a role in this growth,\" stated Amy Yu, CEO of APAC at SEBA Hong Kong.

Receiving the approval-in-principle represents the beginning of SEBA Hong Kong's formal application for a license, enabling it to operate legally as a licensed entity once all requirements set forth by the SFC are met.

This shift in regulations that occurred in Hong Kong last June has acted as a magnet for businesses to consider this vibrant area. SEBA Hong Kong's positive momentum is bolstered by this initial approval amidst this evolving regulatory climate.

Interestingly, the bank, which is based in Zug, previously acquired a license from the Abu Dhabi Global Market in February 2022, enhancing its regulatory framework along with its existing authorizations from the Swiss Financial Market Supervisory Authority (FINMA) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi.

 \"With the addition of the Hong Kong AIP to SEBA group’s portfolio of established licenses in Switzerland (FINMA) and Abu Dhabi (FSRA), our international regulatory presence has significantly expanded,\" commented Franz Bergmueller, Group CEO of SEBA Bank. \"SEBA group is dedicated to collaborating with the Hong Kong government and financial regulators to cultivate an environment that nurtures the responsible evolution of the digital assets sector.\"

Founded in 2018, SEBA marked a significant milestone the following year by receiving a groundbreaking license from the Swiss Financial Market Supervisory Authority (FINMA), enabling it to offer banking services and securities-related products in the digital assets arena.

The year 2022 became a landmark period for SEBA, as it raised nearly $250 million by January. A crucial part of this journey included a successful Series C funding round that generated $119 million to drive its expansion on a global scale.

The anticipated licensing of SEBA Hong Kong represents a crucial stage in its strategy across the Asia Pacific, demonstrating its dedication to delivering on-the-ground wealth management, investment, and advisory services.