SEBA Bank Receives Approval to Provide Crypto Services in Hong Kong - COINTURK NEWS
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SEBA Bank Receives Approval to Provide Crypto Services in Hong Kong

11:58 am (26 days ago)
November 8, 2023

Leading crypto bank SEBA Bank has announced that its Hong Kong branch has received approval from the Securities and Futures Commission (SFC) to offer crypto-related services. With this license approval from the SFC, SEBA Bank has added Hong Kong to its existing approvals from Switzerland and Abu Dhabi.

SEBA Bank Gets Green Light for Hong Kong

SEBA Bank’s Hong Kong branch has obtained a license approval from the SFC to offer crypto-related services in the special administrative region of China. According to the announcement made by SEBA Bank today, the license allows SEBA Hong Kong to trade and distribute all securities, including crypto assets such as OTC derivatives and structured products. The SFC has also granted the crypto bank permission to provide advice on securities and cryptocurrencies, as well as asset management for both traditional securities and optional accounts in cryptocurrencies.

Amy Yu, APAC Executive Board Member of SEBA Bank, commented on this positive development for the Hong Kong branch, stating, “Serving APAC customers has always been an integral part of our team’s DNA, and the region’s position at the forefront of finance, trade, and innovation has long been attractive to us.”

Addition of Hong Kong to Switzerland and Abu Dhabi

SEBA Bank expanded to Hong Kong with a new office shortly after the Hong Kong authorities released a series of policy statements on cryptocurrencies in November last year, and announced that it would resume serving crypto-focused companies in the special administrative region of China. Currently, SEBA Bank provides crypto-related services worldwide from its regulated offices in Switzerland, Abu Dhabi, and Hong Kong.

Franz Bergmueller, CEO of SEBA Bank Group, expressed his satisfaction with the addition of Hong Kong to the licenses obtained from Switzerland (FINMA) and Abu Dhabi (FSRA), stating, “As SEBA Bank, we are delighted to have Hong Kong join our fully approved licenses from FINMA, FSRA, and now the SFC, as Hong Kong has been at the center of the crypto economy since the beginning of Bitcoin.”

Last month, the SFC updated its guidance on activities related to cryptocurrencies for intermediaries with two additional investor protection measures. The special administrative region officially launched a licensing regime for crypto trading platforms in June, allowing licensed crypto exchanges to offer individual crypto services.

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