Business Markets News Report
August 30, 2023

SEBA’s Crypto Services Secure Preliminary Approval from Hong Kong Regulators

SEBA’s Crypto Services Secure Preliminary Approval from Hong Kong Regulators

SEBA Bank, a global crypto bank specializing in financial solutions, announced the issuance of an approval-in-principle (AIP) from the Hong Kong Securities and Futures Commission (SFC) to its regional offshoot, SEBA Hong Kong.

SEBA Hong Kong has secured the AIP concerning its application for a license to oversee regulated activities in Hong Kong. This license encompasses dealing in securities, encompassing products associated with virtual assets like OTC derivatives and structured products. 

The scope further extends to providing advice on securities and virtual assets and managing assets for discretionary accounts in both traditional and virtual assets.

SEBA Bank Aims to Enhance Hong Kong’s Crypto Capabilities

The license will allow SEBA Hong Kong to conduct investment services with crypto capabilities upon issuance. These activities notably encompass the trading of securities, including virtual asset-related products such as structured products and over-the-counter (OTC) derivatives.

Furthermore, the bank will be authorized to provide advisory services across traditional securities and virtual assets. This authority extends to asset management services for discretionary accounts.

“This AIP signifies that all our efforts are heading in the right direction –– SEBA group wants to service crypto investors in jurisdictions that recognize 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,” said Amy Yu, CEO of APAC, SEBA Hong Kong, in a statement. 

Obtaining the AIP marks the maiden step in SEBA Hong Kong’s journey toward acquiring an official license, enabling the entity to function as a licensed establishment once all SFC prerequisites are fulfilled.

The regulatory transformation that unfolded in Hong Kong this past June was a catalyst for attracting enterprises to this burgeoning region. Building on this regulatory evolution, Seba Hong Kong’s forward trajectory gained momentum through this preliminary endorsement.

Notably, the bank, headquartered in Zug, had already secured an Abu Dhabi Global Market license in February 2022, bolstering its regulatory portfolio alongside established credentials such as the Swiss Financial Market Supervisory Authority (FINMA) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi.

 “Complementing SEBA group’s established licenses in Switzerland (FINMA) and Abu Dhabi (FSRA), the Hong Kong AIP significantly extends our global regulatory footprint,” Franz Bergmueller, Group CEO of SEBA Bank, said in a statement. “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.”

Established in 2018, Seba achieved a notable milestone in 2019 by securing a pioneering license from the Swiss Financial Market Supervisory Authority (FINMA). This license granted Seba the authority to provide banking services and securities-related offerings in the realm of digital assets.

2022 marked another significant juncture for the company, with a substantial funding sum of nearly $250 million raised by January. Notably, a pivotal moment in this trajectory was the successful Series C funding round, amassing $119 million dedicated to fueling its global expansion endeavors.

SEBA Hong Kong’s forthcoming license marks a pivotal juncture in its Asia Pacific strategy, underscoring its commitment to providing on-site wealth management, investment, and advisory services. 

Disclaimer

Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.


The Trust Project is a worldwide group of news organizations working to establish transparency standards.

Tech Editor at Metaverse Post | Data Scientist / Analyst | Speaker & Media Mentor

More articles
Victor Dey
Victor Dey

Tech Editor at Metaverse Post | Data Scientist / Analyst | Speaker & Media Mentor

Hot Stories
Join Our Newsletter.
Latest News

20 Most Underrated AI Startups in 2023: Ranked by Funding

AI remains a constant focal point for investors and entrepreneurs alike. While the spotlight often falls on ...

Know More

Ranked: Top 10 Countries by Estimated AI Contribution to Economy by 2030

AI stands at the cusp of a transformative era, poised to reshape virtually every sector and ignite ...

Know More
Join Our Innovative Tech Community

Read More

Read more
Justin Sun Announces 5,000 ETH Hack at HTX, Assures Full Coverage of Losses
Markets News Report
Justin Sun Announces 5,000 ETH Hack at HTX, Assures Full Coverage of Losses
September 25, 2023
Mitsubishi UFJ Trust Bank Partners with Binance Japan to Advance Stablecoin Adoption 
Markets News Report
Mitsubishi UFJ Trust Bank Partners with Binance Japan to Advance Stablecoin Adoption 
September 25, 2023
Mystiko.Network Unveils First Privacy Solution for L2 on Base Mainnet
News Report Technology
Mystiko.Network Unveils First Privacy Solution for L2 on Base Mainnet
September 25, 2023
OpenAI’s ChatGPT Unveils Major Upgrade, Adds Voice Conversation and Image Chat
News Report Technology
OpenAI’s ChatGPT Unveils Major Upgrade, Adds Voice Conversation and Image Chat
September 25, 2023
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.