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Crypto Services Gain Approval by SEBA Hong Kong

SEBA Hong Kong, a subsidiary of SEBA Bank AG, receives “Approval-in-Principle” from SFC to offer regulated crypto services, reflecting Hong Kong’s growing role in the global crypto market.

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Key Points

  • SEBA Hong Kong, a subsidiary of SEBA Bank AG, gets “Approval-in-Principle” from SFC for crypto services.
  • AIP lets SEBA apply for licenses in securities, virtual assets, advisory, and more.
  • SEBA expands in Asia Pacific with regulated services, aligning with global strategy.
  • SFC’s approval reflects Hong Kong’s rise in the crypto market, setting industry standards.

SEBA Hong Kong, a subsidiary of SEBA Bank AG based in Switzerland, has been granted an “Approval-in-Principle” (AIP) by Hong Kong‘s Securities and Futures Commission (SFC).

This AIP positions SEBA Hong Kong to become one of the first licensed corporations in the city to offer crypto-related investment services.

Regulatory Green Light for Crypto Services

The AIP allows SEBA Hong Kong to proceed with its license application for conducting regulated activities in the city.

The scope of the license includes dealing in securities and virtual asset-related products like OTC derivatives and structured products.

Additionally, the firm is authorized to advise on securities and virtual assets and manage discretionary accounts in both traditional and digital assets.

“This AIP marks a significant leap forward in SEBA group’s mission to secure the future of the global crypto economy and, in turn, validates SEBA Hong Kong’s position in the market as a trusted and regulated partner,” said Franz Bergmueller, Group CEO of SEBA Bank.

A Strategic Move in Asia Pacific

The AIP is a crucial step in SEBA Hong Kong’s broader Asia Pacific strategy. The firm aims to offer wealth management, investment, and advisory services with the security and customer experience that accompanies a regulated institution.

“This AIP signifies that all our efforts are heading in the right direction,” commented Amy Yu, CEO APAC of SEBA Hong Kong.

SEBA Bank already holds licenses from the Swiss regulatory body FINMA and Abu Dhabi’s Financial Services Regulatory Authority (FSRA). The Hong Kong AIP “significantly extends our global regulatory footprint,” noted Bergmueller.

The move by SEBA Hong Kong is indicative of Hong Kong’s growing role in the global crypto economy and sets a precedent for regulatory standards in the digital asset space.

“We see enormous potential in Hong Kong’s journey to becoming a global crypto market leader,” said Yu.

Concluding Thoughts

The SFC has been a pioneer among major jurisdictions in establishing a comprehensive regulatory framework for virtual assets, commonly referred to as cryptocurrencies.

Under the guiding principle of “same business, same risks, same rules,” the SFC aims to regulate various virtual asset-related activities, including the operation of virtual asset trading platforms, fund management, and advising or dealing in virtual assets.

The regulatory body’s approach aims to balance investor protection, market integrity, and risk management for financial institutions.

This regulatory approval from Hong Kong’s SFC marks a significant development in the global crypto market.

SEBA Hong Kong’s position as one of the first licensed corporations in the city to offer crypto-related investment services reinforces its credibility in the industry.

With the growing role of Hong Kong in the global crypto economy, experts anticipate increased interest and investment opportunities in the region.