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Swiss Crypto Bank SEBA Secures Hong Kong’s SFC Licence

Published 08/11/2023, 20:02
Updated 08/11/2023, 20:15
Swiss Crypto Bank SEBA Secures Hong Kong’s SFC Licence

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  • SEBA Bank has secured Hong Kong’s SFC license to begin operations in the territory.

  • The Securities and Futures license is awarded to the bank’s subsidiary, SEBA Hong Kong.

  • Hong Kong is SEBA’s first base in the Asia-Pacific region

Crypto-focused bank SEBA announced that it has secured Hong Kong’s Securities and Futures Commission (SFC) license to conduct regulated activities in traditional securities and crypto-related services. The Switzerland-based bank will operate in the territory via its wholly-owned subsidiary, SEBA Hong Kong.

The statement claimed that the SFC license would mark the bank’s entry into the Asia-Pacific region. Moreover, the SFC license would allow SEBA Bank to establish a regulated footprint in the territory. The bank can begin dispensing its services on November 3. According to SEBA’s statement:

SEBA Hong Kong to conduct regulated activities in Hong Kong to deal in and distribute all securities, including virtual asset-related products, such as OTC derivatives and structured products with underlying virtual assets; advise on securities and virtual assets; and conduct asset management for discretionary accounts in both traditional securities and virtual assets.

Beyond its Hong Kong center, SEBA said it will continue operations from its Abu Dhabi and Switzerland hubs. Furthermore, the bank stated that its license would empower it to provide customers with the “security and customer experience that comes with a regulated institution.”

SEBA secured the SFC’s provisional approval in August as part of its pivot to Asian markets. Hong Kong rolled out its new regulatory framework in June 2023 in an attempt to prevent scams and market manipulation attempts while bringing in more regulatory clarity.

The post Swiss Crypto Bank SEBA Secures Hong Kong’s SFC Licence appeared first on Coin Edition.

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