SEBA’s Crypto Services Secure Preliminary Approval from Hong Kong Regulators
SEBA Limited (SEBA Hong Kong) will become one of the inaugural licensed corporations in Hong Kong to offer crypto-enabled services.
Bolstered by the support of Swiss crypto bank SEBA Bank AG (SEBA Bank), SEBA Hong Kong now possesses the platform to engage in regulated activities within the realm of virtual assets.
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.
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