Switzerland’s SEBA Bank, a crypto-centric institution, has recently acquired a license from the Hong Kong Securities and Futures Commission (SFC).
SEBA’s subsidiary in Hong Kong, known as SEBA Hong Kong, has been granted regulatory approval to deliver various crypto-related services within the region. The SFC website data indicates that SEBA was issued the license on Nov. 3. This license enables SEBA to engage in the handling and distribution of all securities, encompassing digital asset-related products like over-the-counter (OTC) derivatives. Notably, this marks SEBA’s initial venture into the Asia-Pacific region.
SEBA initially established an office in Hong Kong in November 2022, aiming to expand its services in the area. The bank had received preliminary approval from the SFC to provide virtual asset trading services in August 2023. Alongside its operations in Switzerland, SEBA is also active in Abu Dhabi.
The SFC license granted empowers SEBA to offer advisory services concerning securities and digital assets. Additionally, it authorizes the management of assets for discretionary accounts involving both traditional and digital assets. This regulatory approval allows the Swiss institution to cater its services to institutional and professional investors, encompassing corporate treasuries, funds, family offices, and high-net-worth individuals. Franz Bergmueller, the CEO of SEBA, expressed contentment at the bank’s involvement in Hong Kong’s digital asset economy. He highlighted the robust legal framework in the region, stating that it not only benefits their business but also contributes to Hong Kong’s stature as a global financial services hub, housing various leaders in banking, asset management, and capital markets.
In 2023, Hong Kong solidified its standing within the global crypto economy by establishing favorable regulations for the flourishing of crypto companies. The city introduced a stringent licensing system, allowing only a select few platforms to offer services to both international and retail customers. Despite nearly 100 firms expressing interest in establishing branches in Hong Kong following the government’s licensing announcement, only a few obtained approval.
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