SEBA Hong Kong Secures Key Approval for Virtual Asset Operations

SEBA Bank’s Hong Kong subsidiary has taken a significant leap forward in the world of cryptocurrency, courtesy of an in-principle approval from the Hong Kong Securities and Futures Commission (SFC). This green light, secured on Aug. 30, grants SEBA Hong Kong the authority to delve into crypto products, including over-the-counter derivatives, advisory services on digital assets, and even manage discretionary accounts focused on virtual currencies.

Amy Yu, the Asia-Pacific CEO of SEBA Hong Kong, expressed her optimism about the decision as she highlighted the city’s robust regulatory landscape for virtual assets and its dependable legal structure, Yu voiced that Hong Kong holds immense potential in the crypto sector.

Furthermore, she noted that despite China’s stance on crypto trading, Hong Kong’s unique position – being geographically close to the mainland and also recognized as China’s Special Administrative Region – offers a strategic advantage. Yu believes that “Hong Kong may once again serve as a gateway to China, delivering the significant potential of cryptocurrencies and blockchain technology.”

SEBA’s decision to chase a local license stems from the increasing interest of private wealth sectors and family offices, coupled with inquiries from crypto firms struggling to manage their digital assets through conventional providers. In its home country, Switzerland, SEBA Bank seamlessly marries traditional banking with an array of crypto services like trading, staking, lending, and safeguarding assets.