Switzerland-based crypto bank SEBA Bank AG on Wednesday said its subsidiary SEBA Hong Kong has received a digital asset license from Hong Kong’s Securities and Futures Commission (SFC). The license means the SEBA Group has established its first regulated footprint in APAC in line with its strategic vision.
SEBA Bank Gets Crypto License in Hong Kong
Crypto bank SEBA Hong Kong has obtained a license from the Securities and Futures Commission (SFC), as per a press release on November 8.
The license approves SEBA Hong Kong to provide regulated activities including virtual assets-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.
Institutional and professional investors can also avail SEBA Hong Kong’s crypto services starting today. SEBA Group has now established its first regulated footprint in APAC.
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 licence from the SFC provides enormous potential for our business, owing to the well-established and defined regulatory framework that is present here.”
The license brings the total number of regulated hubs in which SEBA operates to three, alongside Switzerland and Abu Dhabi.
Hong Kong Growing Regulatory Landscape
SEBA gained approval-in-principle (AIP) from Hong Kong’s Securities and Futures Commission (SFC) in August this year. The full approval from the SFC allows the crypto bank to expand its products and services in Hong Kong, increasing crypto adoption.
Standard Chartered-backed Zodia Custody recently announced plans to launch its services in Hong Kong as the city welcomes license applications from crypto firms.
CoinGape Media reported that Hong Kong regulators are now also willing to approve retail participation in crypto ETFs.
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