Swiss SEBA Bank gets approval to provide crypto-related services in Hong Kong
- SEBA said the licence allows it to deal in and distribute both traditional and virtual assets-related securities
- SEBA will begin offering its services to institutional, professional investors and high-net-worth individuals in Hong Kong with immediate effect
The Hong Kong arm of Swiss cryptocurrency-focused SEBA Bank has received a licence from the Securities and Futures Commission (SFC) to offer crypto-related services in the city as the government continues efforts to become a regional hub for digital assets.
SEBA said the licence allows it to deal in and distribute both traditional and virtual assets-related securities, such as over-the-counter derivatives and structured products with underlying virtual assets, as well as advise on and conduct asset management for the securities in discretionary accounts, according to a statement on Wednesday.
SEBA first established its wholly-owned Hong Kong subsidiary in November 2022 as part of its Asia-Pacific expansion and said the approval marks its first regulated footprint in the region.
“To have secured this licence from the SFC provides enormous potential for our business, owing to the well-established and defined regulatory framework that is present [in Hong Kong],” said SEBA Hong Kong’s CEO for Asia-Pacifc, Amy Yu.
The company added that it would begin offering its services to institutional and professional investors, corporate treasuries, funds, family offices, and high-net-worth individuals in Hong Kong with immediate effect.
Hong Kong has been pushing to attract more of the virtual assets industry since last year, and on June 1 it rolled out a new virtual asset trading platform (VATP) regime, allowing virtual asset providers to serve retail investors if they become licensed by the SFC.