Switzerland-based crypto bank SEBA AG has become the latest cryptocurrency-focused company to obtain a license from the Hong Kong Securities and Futures Commission (SFC).
SEBA's Hong Kong subsidiary, SEBA Hong Kong, has received regulatory approval to offer a range of cryptocurrency-related services in the region. According to the data available on the SFC website, SEBA received the license on November 3.
The license makes way for SEBA in the trading and distribution of all securities, including products related to virtual assets, such as over-the-counter (OTC) derivatives. The license marks SEBA's first presence in the Asia Pacific region.
SEBA first opened an office in Hong Kong in November 2022 with a focus on expanding its services in the region and received in-principle approval of SFC to offer virtual asset trading services in August earlier this year. In addition to Switzerland, SEBA also operates in Abu Dhabi and now Hong Kong.
The SFC license will also allow SEBA to offer advice on securities and virtual assets and perform asset management for discretionary accounts in traditional and virtual assets. The license will also allow the Swiss firm to offer its services to institutional and professional investors, including corporate treasuries, funds, family offices and high net worth individuals.
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Franz Bergmueller, CEO of the SEBA group, in an official statement statementHe said that Hong Kong has been at the center of the crypto economy since the inception of Bitcoin, and they are happy to become part of Hong Kong's virtual asset economy and added:
โThe region's strong legal system provides a solid foundation for carrying out cryptocurrency-related services. This regulatory clarity not only benefits our business but also complements Hong Kong's status as a global financial services hub, home to a host of market leaders in banking, asset management and capital markets. โ
Hong Kong 2023 marked its presence in the global cryptoeconomy establishing favorable regulations for crypto companies to flourish. The city has established a rigorous licensing regime, allowing only a select few platforms to offer their services to both international and retail clients. Of nearly a hundred companies that showed interest in opening their services in Hong Kong when the government announced a crypto license, only one A handful of them managed to obtain the royal license..
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