SEBA Hong Kong secures the first license for crypto services in Hong Kong, backed by SEBA Bank’s expertise, driving the local crypto economy.
The Hong Kong Securities and Futures Commission (SFC) has given preliminary permission for SEBA Hong Kong Limited’s licensed crypto-related services. SEBA Hong Kong Limited is a subsidiary of the Swiss cryptocurrency bank SEBA Bank AG.
As a result of this development, SEBA Hong Kong is now the first licensed company in the area qualified to carry out regulated activities involving virtual assets.
The business is in a strong position to play a big part in Hong Kong’s developing crypto economy thanks to the support of SEBA Bank’s experience. In order to support the expansion and advancement of the sector, this entails encouraging an atmosphere of innovation and compliance within the digital financial landscape.
The approval of SEBA Hong Kong’s application for a license to carry out regulated activities in Hong Kong has been given. This includes dealing in securities, including products related to virtual assets, such as OTC derivatives and structured products, providing advice on securities and virtual assets, and managing assets for discretionary accounts in both traditional securities and virtual assets.
The cryptocurrency market
The approval-in-principle shows that SEBA Hong Kong’s initiatives are on the right track, according to Amy Yu, CEO APAC.
Yu added: “SEBA group intends to support cryptocurrency investors in nations that understand the worth of digital assets. We are excited to contribute to Hong Kong’s trajectory toward dominating the global crypto industry since we see huge potential there. SEBA Hong Kong appreciates the lead Hong Kong provides for global regulatory standards and the contribution our license makes to growing our regulated footprint throughout Asia Pacific.
The company’s process to obtaining an official licence that will allow it to function as a licensed firm once all the SFC requirements have been satisfied begins with receiving an approval-in-principle.
Finally the AIP is a testimony of our team’s commitment to compliance and due diligence, which are crucial pillars of the future digital economy, said Franz Bergmueller, global CEO of SEBA Bank. With the addition of the Hong Kong AIP, SEBA group’s existing licenses in Switzerland (FINMA) and Abu Dhabi (FSRA) are greatly expanded globally.
“SEBA group aligns itself with Hong Kong government and its financial regulators in facilitating an environment that supports the responsible growth of the digital assets industry.”
