SEBA Bank, a Swiss cryptocurrency institution, has received approval from Hong Kong’s Securities and Futures Commission. This authorization allows its subsidiary to offer crypto-related services in the city.
In an official statement today, SEBA disclosed that this endorsement enables SEBA Hong Kong to trade and distribute various securities. Furthermore, this encompasses products related to digital assets, like over-the-counter derivatives and structured instruments rooted in virtual assets.
SEBA Bank Expands Services in Hong Kong: Embracing Asia-Pacific Crypto Markets
The crypto bank has been granted the authority to provide advice on securities and virtual assets. Additionally, they can manage discretionary accounts that include both traditional securities and digital assets. Interestingly, this expanded capability positions them for a more comprehensive service offering.
“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 the statement.
In November of the prior year, SEBA Bank entered the Hong Kong market. Notably, they set up a new office just a month after local regulatory authorities issued a series of policy directives on cryptocurrencies.
This signaled their readiness to embrace digital asset-focused businesses. Presently, SEBA Bank operates worldwide with regulated hubs in Switzerland, Abu Dhabi, and Hong Kong.
SEBA Bank’s Expansion and Regulatory Milestones in Hong Kong’s Crypto Economy
Franz Bergmueller, SEBA Bank’s Group CEO, highlighted Hong Kong’s central role in the crypto economy since Bitcoin’s inception. He expressed the bank’s joy at acquiring the Hong Kong license, which received full approval from the SFC, in addition to their existing licenses from FINMA in Switzerland and FSRA in Abu Dhabi.
Last month, Hong Kong’s SFC strengthened guidelines for virtual asset activities among intermediaries. They introduced two additional safeguards with the goal of protecting investors.
Furthermore, In June, the city formally launched its regulatory framework for cryptocurrency trading platforms. This allows licensed exchanges to offer retail trading services.