SEBA Bank AG, a Swiss crypto bank, shared news recently that SEBA Hong Kong, its branch, received a digital asset license. It was given by the Securities and Futures Commission (SFC) of Hong Kong. The license is the first move of the SEBA Group in setting up a regulated body in the Asia-Pacific (APAC) area.
As reported on Wednesday, SBF has successfully obtained a license that authorizes SEBA Hong Kong to engage in securities trading and distribution. It includes dealing with assets-related products, such as OTC derivatives and structured products based on assets.
Furthermore, the cryptocurrency bank is also authorized to offer services for securities and virtual assets as well as provide asset management for discretionary accounts covering both traditional securities and virtual assets.
Amy Yu CEO at SEBA Hong Kong, said:
We are tremendously excited by Hong Kong’s deep-rooted capital markets and appetite for investment and trading; to have secured this license from the SFC provides enormous potential for our business, owing to the well-established and defined regulatory framework that is present here.
SEBA Bank Receives Full Approval In Hong Kong For Crypto Services Expansion
In November of the previous year, SEBA Bank extended its presence to Hong Kong. It founded a new office just a month after Hong Kong authorities issued a series of policy statements regarding cryptocurrencies, indicating their willingness to embrace firms specializing in digital assets. Presently, SEBA Bank conducts its global operations through regulated hubs in Switzerland, Abu Dhabi, and Hong Kong.
In August, Hong Kong’s SFC gave SEBA a preliminary thumbs-up. Now, with full approval from the SFC, the crypto bank can expand its offerings in Hong Kong. It is a big step for crypto use in that area.
Zodia Custody is backed by Standard Chartered. They are excited to start offering their services in Hong Kong. The city is open to cryptocurrency companies like theirs. They welcome license applications. It is a good chance for Zodia to grow.
Last month, Hong Kong’s Securities and Futures Commission (SFC) updated rules for financial firms dealing with digital assets. They added two rules to protect investors. In June, Hong Kong also started a new cryptocurrency license for trading platforms.
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