SEBA Hong Kong Receives In-Principle Approval

UTC by Babafemi Adebajo · 2 min read
SEBA Hong Kong Receives In-Principle Approval
Photo: Depositphotos

Aside from Hong Kong, SEBA will also seek additional licensing in Singapore as it continues its push in the Asia Pacific region.

The Swiss bank SEBA has received approval in principle for its regional subsidiary – SEBA Hong Kong. The bank received its license from the Hong Kong Securities and Futures Commission (SFC).

Unlike China, which banned crypto trading, Hong Kong recently modified its crypto policies and reopened to digital asset firms. Its legislative council also introduced full licensing for crypto platforms to offer retail trading services.

Consequently, the license means SEBA’s regional subsidiary can now deal in virtual assets-related products like OTC derivatives and structured products. SEBA Hong Kong will also advise on securities and virtual assets and conduct asset management for discretionary accounts in traditional and virtual assets.

A Commitment to Regulation

Already, the Swiss bank has regulatory approval in Switzerland and Abu Dhabi. Group CEO of SEBA Bank, Franz Bergmueller, believes the additional license extends the bank’s global footprint. He noted that the AIP underscores the bank’s commitment to compliance and due diligence.

“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,” he concluded.

AIP Strengthens SEBA Hong Kong Position

Only two companies have received full licenses since Hong Kong updated its crypto policy documents. Crypto exchange HashKey and OSL both obtained the SFC approval for retail trading. Afterward, the Hong Kong Virtual Asset Exchange (HKVAX) recently received in-principle approval to operate a crypto trading platform.

With few regulated competitors, the AIP makes SEBA Hong Kong a significant frontrunner in Hong Kong’s growing crypto economy. While not a full license, it validates the bank’s position in the market as a trusted and regulated partner. It also means the regional subsidiary will become fully regulated once it meets other SFC conditions.

Amy Yu, CEO of APAC, SEBA Hong Kong, said:

“We see enormous potential in Hong Kong’s journey to becoming a global crypto market leader and look forward to contributing to that trajectory.”

Yu believes there is a huge demand for what the bank is offering. She cited interest from crypto companies, private wealth, and family offices as the firm’s reason for pursuing local regulation.

Aside from Hong Kong, SEBA will also seek additional licensing in Singapore as it continues its push in the Asia Pacific region.

Read other crypto news on Coinspeaker.

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