Switzerland's Crypto Bank, SEBA AG, Obtains License from Hong Kong's SFC for Virtual Asset Services
Summary:
SEBA AG, a Switzerland-based crypto bank, has secured a license from the Hong Kong Securities and Futures Commission (SFC). The license enables SEBA to distribute all types of securities, including virtual assets-linked products. The approval marks SEBA's initial foray into the Asia Pacific market and permits the firm to offer advice on securities and virtual assets, while also conducting asset management for traditional and virtual discretionary accounts. The license will also help SEBA serve institutional and high-net-worth professional clients.
Crypto-centric bank SEBA AG, based in Switzerland, is the most recent entity to acquire a license from the Hong Kong Securities and Futures Commission (SFC). This regulatory approval was granted to the Hong Kong subsidiary of SEBA, SEBA Hong Kong, allowing it to provide a variety of crypto-focused services in the locale. As per the information on the SFC's website, the license was issued to SEBA on November 3rd. With this license, SEBA is now authorized to deal and distribute across all security types, especially those related to virtual assets like over-the-counter (OTC) derivatives. This represents SEBA’s initial entry into the Asia Pacific market. SEBA first opened an office in Hong Kong in November 2022, aiming to broaden its service scope, and obtained preliminary approval from the SFC in August of this year to provide virtual asset trading services. Besides Switzerland, SEBA also operates in Abu Dhabi and now Hong Kong. With this SFC license, SEBA can furnish advice on securities and virtual assets, handle asset management for discretionary accounts both in the traditional and virtual domains. Further, this license will enable the Swiss organization to cater to institutional as well as professional investors. These include corporate treasuries, family offices, mutual funds, and individuals with substantial assets. In an official response, Franz Bergmueller, CEO of SEBA Group, implied that Hong Kong has held a prime spot in the crypto economy since the genesis of Bitcoin, they are glad to be a part of the Hong Kong virtual asset ecosystem. Hong Kong, in 2023, established itself as a prominent player in the worldwide crypto ecosystem by devising advantageous regulations that support the growth of crypto businesses. The city has implemented a strict licensing system, permitting only selective platforms to cater to both international and domestic clientele. From the approximate 100 firms that demonstrated interest in extending their services to Hong Kong once the government declared a crypto license, only a few eventually succeeded in obtaining it.
Published At
11/8/2023 10:30:00 AM
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