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.
SEBA Paving Its Way in Hong Kong
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 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. SEBA group aligns itself with the Hong Kong government and its financial regulators in facilitating an environment that supports the responsible growth of the digital assets industry."
This article was written by Tareq Sikder at www.financemagnates.com.
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