FameEX Hot Topics | Swiss SEBA Bank Secures Initial Nod to Provide Cryptocurrency Services in Hong Kong

Switzerland's SEBA Bank, known for its crypto-friendly approach, has announced the receipt of an approval-in-principle that allows it to operate in Hong Kong. This regulatory milestone propels the bank's local subsidiary, SEBA Hong Kong, towards becoming an officially licensed provider of diverse crypto asset services within the Chinese region.

SEBA Hong Kong, a branch of the crypto bank headquartered in Zug, Switzerland, revealed that the Securities and Futures Commission (SFC) of the Chinese Special Administrative Region has granted it an in-principle approval. This significant development permits the entity to progress with its application for a license to engage in regulated activities in Hong Kong, thereby facilitating dealings in securities. Notably, these activities encompass crypto-related products such as over-the-counter derivatives and structured offerings.

SEBA Bank, with backing from the renowned Swiss banking giant Julius Baer, specializes in offering wealth management, investment, and trading solutions tailored to the digital age. Gaining a license in Hong Kong also empowers its subsidiary to oversee assets in discretionary accounts for both traditional securities and virtual assets. In response to the global economic impact of the Covid-19 pandemic, Hong Kong has been diligently working to reestablish itself as a prominent global financial hub. As part of these efforts, the city introduced regulations in June aimed at the retail crypto trading sector. These rules necessitate trading platforms and exchanges to obtain specialized licenses for their operations.

Amy Yu, CEO of SEBA Hong Kong, expressed the bank's commitment to catering to crypto investors in jurisdictions that recognize the inherent value of digital assets. She also emphasized the bank's enthusiasm for contributing to Hong Kong's journey towards becoming a global leader in the crypto market. Upon satisfying all requirements specified by the SFC and securing the license, SEBA Hong Kong will emerge as one of the pioneering companies to be licensed in the Chinese region for providing investment services equipped with crypto capabilities. This marks an important step in the bank's expansion strategy.

The SEBA Group encompasses various entities, including Hashkey Exchange and OSL, as highlighted in a Bloomberg report. With its supervisory body being the Swiss Financial Market Supervisory Authority (FINMA) in Switzerland and pursuing licensing in Abu Dhabi as well, Hong Kong becomes the third jurisdiction where SEBA Bank is seeking licensure. The bank's journey aligns with the broader transformation of Hong Kong into a hub for crypto-related business activities, underpinned by its strategic regulatory advancements.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.