SEBA Hong Kong Receives In-Principle Approval from SFC

SEBA Hong Kong, the Hong Kong arm of the crypto-friendly Swiss-based bank SEBA Bank, announced it received in-principle approval from the Hong Kong Securities and Futures Commission (SFC).

 The Hong Kong branch of the Swiss SEBA Bank announced it was granted preliminary approval from the SFC, which allows it to deal in virtual assets. 

SEBA Hong Kong Completes First Step to Acquiring Official License

Today, SEBA Bank announced in a press release its Hong Kong subsidiary, SEBA Hong Kong, received approval-in-principle (AIP) from the SFC. 

According to its press statement, the AIP for its license application to operate regulated activities in the city-state allows it “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.”

SEBA explained that the license, when issued, allows SEBA Hong Kong to join the first group of licensed corporations in Hong Kong to offer investment services with crypto capabilities. Receiving an AIP is the first significant step in SEBA Hong Kong’s journey to obtaining an official license “that will allow it to operate as a licensed entity once all the SFC conditions have been met.” 

Amy Yu, CEO APAC of SEBA Hong Kong, commented:

“It is exciting to be at the forefront of innovation in one of the world’s leading financial and technological centres, Hong Kong. This AIP signifies that all our efforts are heading in the right direction –– 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.” 

Franz Bergmueller, Group CEO of SEBA Bank, commented on the significance of obtaining an AIP:

“SEBA Hong Kong’s 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.” 

Hong Kong Works Toward Becoming a Crypto Hub

Hong Kong announced its intention to become a hub for digital assets and has introduced several new measures to attract crypto firms to its shores. The city-state introduced new regulations for the industry, which took effect in July. 

HashKey Exchange became the first licensed crypto exchange in Hong Kong under its newly implemented regulatory framework. The exchange upgraded its type 1 and type 7 licenses, allowing it to serve retail customers. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.