SEBA Bank, a Swiss crypto bank, obtained a license from Hong Kong’s Securities and Futures Commission for its subsidiary to operate crypto-related services in the city.

SEBA said today in a statement that the license allows SEBA Hong Kong to deal in and distribute all securities, including virtual assets-related products, such as OTC derivatives and structured products with underlying virtual assets. 

The crypto bank is also allowed to advise on securities and virtual assets, and conduct asset management for discretionary accounts in both traditional securities and virtual assets.

“The region’s position at the forefront of finance, trading, and innovation has long been attractive to us, as servicing APAC clientele is an integral aspiration of the team’s DNA,” Amy Yu, SEBA’s chief executive officer for APAC, said in the statement.

Hong Kong office

In November last year, SEBA Bank expanded into Hong Kong with a new office just a month after Hong Kong authorities released a series of policy statements on cryptocurrencies, suggesting it would reopen to firms focused on digital assets. Currently, SEBA Bank operates globally from its regulated hubs of Switzerland, Abu Dhabi and Hong Kong. 

Franz Bergmueller, Group CEO of SEBA Bank added that Hong Kong has been at the center of the crypto economy since Bitcoin’s inception, and said SEBA is “very pleased to have added this Hong Kong licence with the full approval from the SFC to our existing licenses in Switzerland (FINMA) and Abu Dhabi (FSRA).”

Last month, Hong Kong’s SFC updated its guidance on virtual asset-related activities for intermediaries with two additional investor protection measures. In June, the city officially started its crypto licensing regime for virtual asset trading platforms, allowing licensed exchanges to offer retail trading services.

Source