Switzerland’s SEBA Bank, a trailblazer in crypto-centric finance, has secured a pivotal Securities and Futures Commission (SFC) license in Hong Kong, heralding a new chapter in its global expansion. This strategic move, effective November 3, empowers SEBA Hong Kong, the bank’s local subsidiary, to offer a suite of crypto-related services across the region.
With this license, SEBA Bank is poised to deal in and distribute securities, including innovative digital asset-related products such as over-the-counter (OTC) derivatives. This venture marks the bank’s first foray into the Asia Pacific market, following the establishment of its Hong Kong office in November 2022 and an in-principle approval for virtual asset trading services by August 2023. The institution’s global presence also extends to Abu Dhabi.
The SFC’s endorsement enables SEBA to dispense advice on securities, digital assets, and undertake asset management for discretionary accounts, straddling both traditional and digital spheres. The license significantly extends SEBA’s reach to cater to institutional and professional investors like corporate treasuries, funds, family offices, and high-net-worth individuals.
Franz Bergmueller, SEBA’s CEO, acknowledges Hong Kong’s pivotal role since the advent of Bitcoin, praising the city’s robust legal system as foundational for conducting crypto services. This regulatory clarity not only propels SEBA’s business but also fortifies Hong Kong’s stature as a premier global financial hub.
2023 has seen Hong Kong assert its influence in the global crypto sphere with conducive regulations that pave the way for selected platforms to serve a wide array of customers. From nearly 100 interested entities, only a few have managed to navigate the stringent licensing process to establish operations in Hong Kong.
Source: https://cointelegraph.com/news/swiss-crypto-bank-seba-hong-kong-sfc-license
Image: https://unsplash.com/photos/a-view-of-a-large-city-with-tall-buildings-UGMypm2fSwg
Secret3 is committed to responsible and ethical reporting.
