Switzerland-based cryptocurrency bank SEBA Bank has become the latest cryptocurrency-focused company to receive a license from Hong Kong’s Securities and Futures Commission (SFC).
SEBA’s Hong Kong subsidiary SEBA Hong Kong has received regulatory approval to provide a range of cryptocurrency-related services in the region. according to According to data provided by the China Securities Regulatory Commission website, SEBA obtained its license on November 3.
The license allows SEBA to engage in the trading and distribution of all securities, including digital asset-related products such as over-the-counter (OTC) derivatives. The license marks SEBA’s first foray into the Asia-Pacific region.
SEBA first established an office in Hong Kong in November 2022 to focus on expanding services in the region, and in August 2023 received in-principle approval from the Securities and Futures Commission to provide virtual asset trading services. Outside Switzerland, SEBA is also active in Abu Dhabi.
The SFC license will also allow SEBA to provide advice on securities and digital assets and conduct asset management of discretionary accounts of traditional and digital assets. The license will also enable the Swiss company to provide services to institutional and professional investors, including corporate finance, funds, family offices and high net worth individuals.
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in an official statementSEBA CEO Franz Bergmueller said that Hong Kong has been at the center of the crypto economy since the invention of Bitcoin (BTC) and the bank is pleased to be part of Hong Kong’s digital asset economy. He added:
“The region’s robust legal system provides a solid foundation for developing crypto-related services. This regulatory clarity not only benefits our business, but also solidifies Hong Kong’s position as a global financial services center for banks, asset managers and home to many market leaders in capital markets.”
In 2023, Hong Kong marked its place in the global crypto economy by enacting favorable regulations that would allow crypto companies to thrive. The city has established a strict licensing system that allows only a few platforms to provide services to international and retail customers. When the government announced the issuance of licenses, nearly 100 companies expressed interest in opening branches in Hong Kong, but only a few were approved.
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