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- SEBA Bank said today that its subsidiary in Hong Kong obtained an official license from the SFC to operate crypto-related services.
SEBA Bank, a Swiss crypto bank, has secured a license from Hong Kong’s Securities and Futures Commission to conduct crypto-related services through its subsidiary.
The license authorizes SEBA Hong Kong to trade in and distribute all securities, including virtual assets-related products such as OTC derivatives and structured products with underlying virtual assets, according to a statement issued today by SEBA.
The crypto bank is also permitted to provide securities and virtual asset advice, as well as to manage discretionary accounts in both traditional securities and virtual assets.
“The region’s position at the forefront of finance, trading, and innovation has long been attractive to us, as servicing APAC clientele is an integral aspiration of the team’s DNA,” Amy Yu, SEBA’s chief executive officer for APAC, said in a statement.
Read Also: Swiss Bank SGKB partners with SEBA Bank for Bitcoin and Ethereum Services
Hong Kong Office
SEBA Bank opened a new office in Hong Kong in November of last year, just a month after Hong Kong authorities issued a series of policy statements on cryptocurrencies, implying that it will reopen to enterprises focused on digital assets. SEBA Bank currently operates globally from its regulated centers in Switzerland, Abu Dhabi, and Hong Kong.
SEBA Bank Group CEO Franz Bergmueller stated that Hong Kong has been at the heart of the crypto economy since Bitcoin’s inception, and that SEBA is “very pleased to have added this Hong Kong licence with the full approval from the SFC to our existing licenses in Switzerland (FINMA) and Abu Dhabi (FSRA).”
The SFC of Hong Kong amended its guidance on virtual asset-related operations for intermediaries last month, adding two new investor protection measures. The city began its crypto licensing scheme for virtual asset trading platforms in June, allowing licensed exchanges to offer retail trading services.
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