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    You are at:Home » Focus » Legal & Compliance » First Swiss crypto bank receives license in Hong Kong
    First Swiss crypto bank receives license in Hong Kong

    First Swiss crypto bank receives license in Hong Kong

    By Editorial Office CVJ.CH on 30. August 2023 Legal & Compliance

    SEBA Hong Kong is set to become the first licensed corporation in the Chinese with crypto capabilities backed by a Swiss crypto bank, providing it with the platform to operate regulated activities in virtual assets. By doing so, Hong Kong is further opening up to the digital financial sector.

    The global crypto bank SEBA provides financial solutions for the digital age in wealth management, investment, trading, and advisory services. The firm has announced that an approval-in-principle (AIP) from the Securities and Futures Commission (SFC) in Hong Kong has been issued to its regional subsidiary, the first of its kind for a Swiss crypto bank.

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    A new crypto hotspot in Hong Kong

    Hong Kong has been trying to lower the barriers for crypto companies and digital assets. In contrast to its neighbor China, which has issued a de facto crypto ban through different measures, the special administrative region is positioning to become a hotspot for crypto firms. SEBA has now become part of the first group of companies to operate regulated digital asset activities in Hong Kong. The license includes virtual assets-related products, such as OTC derivatives and structured products. The firm is now also allowed to advise on securities and virtual assets as well as conduct asset management for discretionary accounts in both traditional securities and virtual assets.

    “It is exciting to be at the forefront of innovation in one of the world's leading financial and technological centres, Hong Kong. [...] We see enormous potential in Hong Kong's journey to becoming a global crypto market leader and look forward to contributing to that trajectory.” - Amy Yu, CEO APAC of SEBA Hong Kong

    Obtaining an AIP is the first step on the way to obtaining an official license. Once all conditions of the Securities and Futures Commission (SFC) are met, SEBA Hong Kong will be able to fully operate as a licensed company. According to the crypto bank, this makes the Switzerland-headquartered bank a significant frontrunner in Hong Kong’s burgeoning crypto economy.

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    Swiss crypto bank goes global

    The crypto bank has already held the FINMA license in its home country since 2019, while the FSRA license in Abu Dhabi was added in 2022. Thus, the AIP license in Hong Kong marks an additional step in its global expansion. In response to an inquiry by CVJ.CH, CEO Franz Bergmüller emphasized that the global nature of the industry also requires global measures. The locations of the bank were not chosen randomly, though.

    "Crypto is global business. SEBA Bank is a global bank. Our customers come from many different countries. We attach great importance to very good risk management based on good regulation. We have deliberately chosen our locations in Zug/Switzerland, Abu Dhabi and Hong Kong with this in mind." - Franz Bergmüller, CEO SEBA Bank Group

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    About the author

    Editorial Office CVJ.CH
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    Since 2018, the editorial team at Crypto Valley Journal has been reporting from Zug - the heart of Switzerland’s Crypto Valley - on Bitcoin, cryptocurrency, blockchain, and regulatory developments in digital assets. Behind the publication’s collective editorial voice is a team of writers with backgrounds in financial markets, law, and technology.

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