SEBA Bank Secures SFC License, Expanding Crypto Services to Hong Kong

Changelly
Blockonomics


Switzerland-based cryptocurrency bank SEBA Bank has marked a significant milestone by obtaining a license from the Hong Kong Securities and Futures Commission (SFC). The license, granted on November 3rd, represents a crucial step for SEBA in expanding its cryptocurrency services in the Asia Pacific region. SEBA Hong Kong, a subsidiary of SEBA Bank, is now authorized to offer a range of cryptocurrency-related services within the area, as confirmed by the SFC’s official website.

SEBA Bank established its first Hong Kong office in November 2022, underlining its strategy to broaden its service spectrum in Asia. Following an initial permission in principle from the SFC in August 2023 for virtual asset trading services, the recent licensing confirms SEBA’s operational expansion outside its home country, including a presence in Abu Dhabi.

With this new license, SEBA can engage in the trading and distribution of all securities, encompassing digital asset-related products like over-the-counter (OTC) derivatives. Moreover, the license allows SEBA to provide advisory services on securities and digital assets and manage assets for discretionary accounts, which include both traditional and digital assets.

SEBA’s services, facilitated by this license, will cater to institutional and professional investors such as corporate treasuries, funds, family offices, and high-net-worth individuals. Franz Bergmueller, the Chief Executive Officer of SEBA, expressed enthusiasm in an official statement, highlighting Hong Kong’s pivotal role in the cryptocurrency economy since Bitcoin’s inception and the bank’s eagerness to contribute to Hong Kong’s digital asset market.

okex

Hong Kong’s rigorous licensing system permits only a select few platforms to cater to both local and foreign clients, including retail customers. Upon the government’s announcement to license crypto-related businesses, approximately one hundred firms showed interest in establishing Hong Kong branches. However, only a handful have successfully navigated the regulatory landscape to obtain clearance.

Image source: Shutterstock



Source link

Changelly

Be the first to comment

Leave a Reply

Your email address will not be published.


*