SEBA Bank Secures SFC License, Expanding Crypto Services to Hong Kong

Switzerland-based cryptocurrency financial institution SEBA Financial institution has marked a big milestone by acquiring a license from the Hong Kong Securities and Futures Fee (SFC). The license, granted on November third, represents a vital step for SEBA in increasing its cryptocurrency providers within the Asia Pacific area. SEBA Hong Kong, a subsidiary of SEBA Financial institution, is now approved to supply a variety of cryptocurrency-related providers throughout the space, as confirmed by the SFC’s official web site.

SEBA Financial institution established its first Hong Kong workplace in November 2022, underlining its technique to broaden its service spectrum in Asia. Following an preliminary permission in precept from the SFC in August 2023 for digital asset buying and selling providers, the current licensing confirms SEBA’s operational enlargement exterior its residence nation, together with a presence in Abu Dhabi.

With this new license, SEBA can have interaction within the buying and selling and distribution of all securities, encompassing digital asset-related merchandise like over-the-counter (OTC) derivatives. Furthermore, the license permits SEBA to supply advisory providers on securities and digital property and handle property for discretionary accounts, which embrace each conventional and digital property.

SEBA’s providers, facilitated by this license, will cater to institutional {and professional} buyers akin to company treasuries, funds, household places of work, and high-net-worth people. Franz Bergmueller, the Chief Government Officer of SEBA, expressed enthusiasm in an official assertion, highlighting Hong Kong’s pivotal function within the cryptocurrency financial system since Bitcoin’s inception and the financial institution’s eagerness to contribute to Hong Kong’s digital asset market.

Hong Kong’s rigorous licensing system permits solely a choose few platforms to cater to each native and overseas purchasers, together with retail clients. Upon the federal government’s announcement to license crypto-related companies, roughly 100 corporations confirmed curiosity in establishing Hong Kong branches. Nevertheless, solely a handful have efficiently navigated the regulatory panorama to acquire clearance.

Picture supply: Shutterstock



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