Financial news

SEBA Hong Kong Limited, a subsidiary of Swiss crypto bank SEBA Bank AG, has received an approval-in-principle from the Hong Kong Securities and Futures Commission (SFC) for its licensed crypto-related services.

This advancement positions SEBA Hong Kong as the first licensed corporation in the region equipped to engage in regulated activities involving virtual assets.

With the backing of SEBA Bank’s expertise, the company positions itself to assume a significant role in Hong Kong’s evolving crypto economy. This involves fostering an environment of innovation and compliance within the digital financial landscape, contributing to the growth and development of the industry.

SEBA Hong Kong has received the nod for its licence application to operate regulated activities in Hong Kong to deal in securities, including virtual assets-related products, such as OTC derivatives and structured products; advise on securities and virtual assets; and conduct asset management for discretionary accounts in both traditional securities and virtual assets.

Crypto economy

Amy Yu, CEO APAC, at SEBA Hong Kong, said the approval-in-principle signifies that all its efforts are heading in the right direction.

Yu also commented: “SEBA group wants to service crypto investors in jurisdictions that recognise the value of digital assets. 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 licence in expanding our regulated footprint across Asia Pacific”.

Obtaining an approval-in-principle is the first step in the company’s path to acquiring an official licence that will allow it to operate as a licensed entity once all the SFC conditions have been met.

Franz Bergmueller, group CEO, SEBA Bank, also said: “The AIP is a reflection of our team’s commitment towards compliance and due diligence — essential pillars of tomorrow’s digital economy. Complementing SEBA group’s established licences in Switzerland (FINMA) and Abu Dhabi (FSRA), the Hong Kong AIP significantly extends our global regulatory footprint.

“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.”