SEBA Bank, a Switzerland-based cryptocurrency bank, has received regulatory approval from Hong Kong’s Securities and Futures Commission (SFC) for its Hong Kong subsidiary, SEBA Hong Kong. The license, obtained on November 3, allows SEBA to offer a range of cryptocurrency-related services in the region. SEBA had previously received in-principle approval from the SFC in August 2023 to provide virtual asset trading services. This marks SEBA's first venture into the Asia-Pacific region.
SEBA Bank established an office in Hong Kong in November 2022 to focus on expanding its services in the region. The SFC license permits SEBA to engage in the trading and distribution of all securities, including digital asset-related products like over-the-counter (OTC) derivatives. The bank is active not only in Switzerland but also in Abu Dhabi. The Hong Kong license allows SEBA to provide advice on securities and digital assets, conduct asset management for discretionary accounts of both traditional and digital assets, and offer services to institutional and professional investors.
Franz Bergmueller, the CEO of SEBA Bank, expressed excitement about being part of Hong Kong's digital asset economy. He highlighted Hong Kong's status as the center of the crypto economy since the birth of Bitcoin and commended the region's robust legal system, which provides a solid foundation for conducting crypto-related services. Bergmueller emphasized that the regulatory clarity benefits not only SEBA's business but also solidifies Hong Kong's position as a global financial services center.
In 2023, Hong Kong enacted favorable regulations for the global crypto economy, establishing a strict licensing system that permits only a select few platforms to offer services to both international and retail customers. The government's decision to grant licenses resulted in significant interest from nearly 100 companies looking to open branches in Hong Kong, but only a limited number received approval.
