Swiss cryptocurrency-focused SEBA Bank’s Hong Kong branch has been granted a license by the Securities and Futures Commission (SFC) to provide crypto-related services in the city.
The license enables SEBA to engage in activities such as trading and distributing both traditional and virtual asset-related securities, offering advice, and managing assets in discretionary accounts.
According to the data available on the SFC website, SEBA received the license on Nov. 3. This approval is a significant step for SEBA as it establishes its regulated presence in the Asia-Pacific region after setting up its Hong Kong subsidiary in November 2022.
Amy Yu, CEO of APAC, SEBA Hong Kong, said, “To have secured this licence from the SFC provides enormous potential for our business, owing to the well-established and defined regulatory framework that is present here.”
The company announced that it will now offer its services to big investors, companies, funds, wealthy individuals, and family offices in Hong Kong. This comes as Hong Kong has been actively trying to attract more virtual asset businesses.
Starting June 1, a new regulation allows virtual asset providers to serve regular investors if they get licensed by the SFC. Currently, only two local exchanges, HashKey and OSL Exchange, are on the list of licensed crypto platforms after upgrading their existing licenses in August.