Switzerland-based crypto bank SEBA Bank has achieved a significant milestone in its global expansion strategy by securing a license from the Hong Kong Securities and Futures Commission (SFC). The approval was granted to SEBA’s Hong Kong subsidiary, SEBA Hong Kong, and opens the door for the bank to offer a wide range of crypto-related services in the region. This development marks SEBA’s initial foray into the Asia Pacific market and is poised to contribute to the growing crypto economy in Hong Kong.
The license, officially granted on November 3, permits SEBA to engage in dealing and distribution of all types of securities, including digital asset-related products like over-the-counter (OTC) derivatives. Furthermore, SEBA can now provide advisory services related to securities and digital assets, as well as manage discretionary accounts encompassing both traditional and digital assets. This comprehensive license positions SEBA to cater to institutional and professional investors, spanning corporate treasuries, funds, family offices, and high-net-worth individuals.
SEBA’s presence in Hong Kong was established in November 2022, with a specific focus on expanding its crypto-centric services throughout the region. The bank had previously received in-principle approval from the SFC in August 2023 to offer virtual asset trading services, paving the way for this full licensing achievement.
Franz Bergmueller, the CEO of SEBA, expressed the bank’s enthusiasm for joining the Hong Kong digital asset ecosystem. He highlighted Hong Kong’s central role in the crypto economy, dating back to the invention of Bitcoin, and underscored the importance of the region’s robust legal framework in enabling crypto-related services. Bergmueller emphasized that SEBA’s compliance with regulatory standards not only benefits the bank but also enhances Hong Kong’s reputation as a global financial hub.
Hong Kong has been actively shaping its regulatory landscape to accommodate the growing crypto industry in 2023. The city has implemented a stringent licensing regime, allowing only a select few platforms to operate and serve both international and retail customers. Among the numerous firms expressing interest in establishing a presence in Hong Kong, only a handful successfully secured regulatory approval. SEBA’s new license places it among the privileged companies authorized to operate in this dynamic and evolving crypto market.
