Seba’s Hong Kong Subsidiary Secures Initial Approval for Crypto and Traditional Securities Operations
Crypto News – Swiss Crypto bank Seba’s expansion efforts have received a significant boost as its regional subsidiary in Hong Kong secures approval-in-principle (AIP) from the Securities and Futures Commission (SFC) of Hong Kong. This initial approval marks a crucial step towards obtaining a complete license for Seba Hong Kong, enabling the company to engage in activities involving crypto or virtual assets-related products, along with traditional securities. The move comes following the implementation of Hong Kong’s new regulatory framework in June, aimed at attracting global firms to establish their presence in the region. Notably, Seba had already obtained a license from Abu Dhabi Global Market in February 2022, adding to its existing licenses in Switzerland and Abu Dhabi.
CEO Franz Bergmueller highlighted the significance of this approval, which extends Seba Group’s regulatory reach across different global financial markets. He emphasized the company’s alignment with the Hong Kong government and regulatory authorities in fostering an environment conducive to the responsible growth of the digital assets sector.
Seba, founded in 2018, made history in 2019 by becoming the first digital asset company to be granted a license from the Swiss Financial Market Supervisory Authority (FINMA) for providing banking and securities services. The company’s impressive funding milestones, including a substantial Series C funding round of $119 million for global expansion in January 2022, underscore its growing prominence in the crypto banking space.
As of now, the SFC is yet to provide a formal response or comment on this recent development. Seba’s expansion into the Hong Kong market represents a significant stride forward in the evolution of the crypto banking industry, reflecting the broader trend of increasing institutional involvement in the digital assets sector.
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