- Crypto bank Seba has secured in-principle approval to operate in Hong Kong.
- The approval is a crucial step to getting a full license.
- Seba joins other pioneering crypto firms in Hong Kong’s new regulatory regime.
The Hong Kong Securities and Futures Commission (SFC) has awarded Swiss bank Seba’s local subsidiary with an approval-in-principle (AIP) to offer digital asset services in the country.
Seba Bank is a Switzerland-based crypto banker offering investment, trading, advisory, and wealth management services at a global scale. The bank has a local subsidiary in Asia known as Seba Hong Kong.
A Full Suite of Virtual Asset Services
Securing the AIP is Seba’s first step in acquiring a full license once it meets all the approval conditions set by the SFC, including compliance with Hong Kong’s Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).
The SFC’s approval, when fully granted, will allow the bank to offer a range of regulated crypto services in the country, including advice, account management, and over-the-counter (OTC) derivatives.
The bank will be mostly targeting retail investors with discretionary accounts in both virtual assets and traditional securities.
“SEBA Hong Kong’s AIP is a reflection of our team’s commitment towards compliance and due diligence — essential pillars of tomorrow’s digital economy. Complementing SEBA group’s established licenses in Switzerland (FINMA) and Abu Dhabi (FSRA), the Hong Kong AIP significantly extends our global regulatory footprint,” said Franz Bergmueller, the Group CEO of SEBA Bank.
A Frontrunner in Hong Kong’s Burgeoning Crypto Economy
Once the license is approved, the crypto-friendly banker will be part of the first group of firms to run regulated virtual asset services in Hong Kong, following the country’s new regulatory regime that came into effect in June this year.
The SFC’s in-principle approval marks a great milestone for the country’s burgeoning crypto market. The regulator recently licensed local crypto exchanges OSL and HashKey, with the latter setting up retail services for Bitcoin, Ether, and USDT stablecoin.
Read how Hong Kong authorities plan to deal with unlicensed crypto exchanges:
Stay updated on how Taiwan’s crypto regulatory regime is shaping up: