Switzerland-based crypto bank Seba’s regional subsidiary Seba Hong Kong has secured approval in principle from Hong Kong’s Securities and Futures Commission (SFC).
“SEBA Hong Kong has received the AIP for its licence application to operate regulated activities in Hong Kong to deal in securities, including virtual assets-related products, such as OTC derivatives and structured products; advise on securities and virtual assets; and conduct asset management for discretionary accounts in both traditional securities and virtual assets,” Seba said in a press release.
AIP is the first step to acquiring an official license, allowing Seba Hong Kong to operate as a licensed entity. Once the license is issued, Seba Hong Kong will be among Hong Kong’s first group of licensed crypto investment service providers.
“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 licences in Switzerland (FINMA) and Abu Dhabi (FSRA), the Hong Kong AIP significantly extends our global regulatory footprint,” Franz Bergmueller, Group CEO of SEBA Bank, commented.
Founded in 2018, Seba received a license from the Swiss Financial Market Supervisory Authority (FINMA) in 2019 to offer banking and securities services. Seba was the first digital asset company to receive the license. By January 2022, it raised nearly $250 million.
