News Report Technology
November 08, 2023

Crypto Bank SEBA Obtains Digital Asset License from Hong Kong’s SFC

In Brief

SEBA Group plans to establish its first regulated crypto presence in APAC, strengthening the bank’s vision for global expansion.

Crypto Bank SEBA Obtains Digital Asset License from Hong Kong’s SFC

Switzerland-based crypto bank SEBA Bank AG, announced today that its subsidiary, SEBA Hong Kong, has obtained a digital asset license from Hong Kong’s Securities and Futures Commission (SFC), enabling the bank to provide regulated services related to digital assets, including virtual assets and securities.

This development allows the Swiss-based SEBA Group to establish its very first regulated presence in APAC, strengthening the bank’s vision for global expansion.

With this, SEBA Bank now operates across three regulated hubs, including Switzerland and Abu Dhabi.

“We are tremendously excited by Hong Kong’s deep-rooted capital markets and appetite for investment and trading; to have secured this licence from the SFC provides enormous potential for our business, owing to the well-established and defined regulatory framework that is present here,” SEBA Hong Kong’s CEO, Amy Yu.

Moreover, the new digital asset license empowers the institution to engage in a wide array of regulated activities relating to digital assets in Hong Kong. This encompasses the ability to deal with and distribute all securities, including virtual asset-related products like over the counter (OTC) derivatives.

According to the bank, the licensed services offered by SEBA Hong Kong are now accessible to a diverse range of clientele, including institutional investors, corporate treasuries, funds, family offices, and high-net-worth individuals (HNWIs). This inclusivity is aimed at servicing a broad spectrum of clients seeking exposure to the digital asset landscape, from sophisticated institutional investors to individuals with substantial assets.

Franz Bergmueller, the Chief Executive Officer of SEBA Bank, expressed the institution’s enthusiasm for this regulatory breakthrough. Bergmueller highlighted the significance of regulatory clarity, not only for the bank’s business but also in bolstering Hong Kong’s position as a global financial services hub.

“This regulatory clarity not only benefits our business but also supplements Hong Kong’s status as a global financial services hub. The region’s robust legal system provides a solid foundation to conduct crypto-related services, and we look forward to beginning that from today,” said Bergmueller.

Growing Regulatory Landscape in Hong Kong

SEBA Bank’s successful journey to gain this digital asset license in Hong Kong reflects a broader trend in the region. Hong Kong’s regulatory landscape for digital assets has been evolving and gaining traction. SEBA’s approval from the SFC builds on the institution’s previous in-principle approval (AIP) for virtual asset trading services, granted in August of the same year.

This full approval allows SEBA Bank to significantly expand its product and service offerings in Hong Kong, contributing to the broader adoption of cryptocurrencies and digital assets in the region.

The move by SEBA Bank is also in line with a welcoming environment for crypto firms in Hong Kong, as Standard Chartered-backed Zodia Custody recently announced plans to launch its services in the city.

As Hong Kong continues to assert its prominence in the APAC region, SEBA Bank’s presence further reinforces the region’s stature as a global financial services hub.

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About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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