SEBA Hong Kong, a Swiss-based crypto-friendly bank, has
received an Approval-in-Principal (AIP) from Hong Kong’s Securities and Futures
Commission. The company is set to become the first group
of licensed corporations in the Special Administrative Region of China to provide
crypto-related investment services.
The approval came as Hong Kong brought new regulations for the cryptocurrency industry in June. The regulations mandate the licensing of all crypto companies operating on the island. The move was welcomed by the crypto industry due to clear rules and giving legitimacy to the industry.
SEBA Hong Kong is the first one to obtain the AIP for its
application for a license to operate regulated activities on virtual assets-related
products, securities, advice on virtual assets and securities, and conduct
asset management for optional accounts in both virtual assets and traditional
securities.
“It is exciting to be at the forefront of innovation in
one of the world’s leading financial and technological centres, Hong Kong. This AIP signifies that all our efforts are heading in
the right direction – SEBA group wants to service crypto investors in
jurisdictions that recognise the value of digital assets,” Amy Yu, CEO APAC, SEBA
Hong Kong, commented.
“We see enormous
potential in Hong Kong’s journey to becoming a global crypto market leader and
look forward to contributing to that trajectory. SEBA Hong Kong commends the
example Hong Kong sets for regulatory standards worldwide, and values the role
of this licence in expanding our regulated footprint across Asia Pacific.”
SEBA’s Cementing Its Asia Pacific Strategy
SEBA obtained a banking license in Switzerland as one of the first cryptocurrency startups and started offering services in November 2019. In addition, it got a CISA license to serve as a custodian bank for Swiss collective investment schemes. On top of that, the company expanded its international presence by securing an Abu Dhabi license.
The Swiss company expanded its presence in Hong Kong with the formation of the local subsidiary, SEBA (Hong Kong) Limited, and opened an office last November. Now, the AIP is the first stride in SEBA Hong Kong’s alleyway to get an official license to
conduct regulated crypto-related services upon meeting all SFC’s conditions.
Franz
Bergmueller, the Group CEO of SEBA Bank,
commented: “SEBA Hong Kong’s AIP is a reflection of our team’s
commitment towards compliance
