SEBA Bank's Crypto expansion: Hong Kong license strong signal for market?
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SEBA Bank’s Crypto expansion: Hong Kong license strong signal for market? 8 NOVEMBER 2023, 06:30 PMBY ASHISH KUMAR SEBA Bank AG, a Swiss crypto bank on Wednesday announced that its subsidiary SEBA (Hong Kong) Limited secured a license from the Securities and Futures Commission (SFC) in Hong Kong. SEBA informed that the crucial license will allow them to engage in regulated activities. This includes dealing in and distributing all securities, virtual assets-related products, advising on securities and virtual assets, and conducting asset management for discretionary accounts. SEBA’s move good for Crypto? As per the report, SEBA will be looking to expand its global presence in Hong Kong by offering a suite of financial solutions covering staking, lending, custody, investment, trading, banking, and deposits to users. It added that the license enables it to operate within the regulatory framework of Hong Kong for providing services related to virtual assets to institutional and professional investors. This includes corporate treasuries, funds, family offices, and high-net-worth individuals. SEBA’s gaining approval in Hong Kong depicts its move with a strategic vision, marking its first regulated footprint in the Asia-Pacific (APAC) region. However, the bank believes in Hong Kong’s robust capital markets and its position as a global financial hub. Amy Yu, CEO of APAC, SEBA Hong Kong highlighted the positive experience with the SFC. He emphasizes the tremendous potential for business growth in Hong Kong’s well-established regulatory framework. Strategic expansion in APAC SEBA in the press release stated that the license is a significant step forward in securing the future of the global crypto economy. The regulatory clarity reinforces SEBA Hong Kong’s position as a trusted and regulated partner in APAC. It is important to note that with existing licenses in Switzerland (FINMA) and Abu Dhabi (FSRA), the SEBA Group now operates globally from regulated hubs. The latest move has now positioned SEBA as a key player in the crypto linked financial services sector. Franz Bergmueller, Group CEO, SEBA Bank stated that Hong Kong has been at the center of the crypto economy since Bitcoin’s inception. He expresses his satisfaction with the addition of the Hong Kong license to its existing licenses in Switzerland and Abu Dhabi. The Bank’s expansion into Hong Kong signals a good push for the global crypto community. However, the digital asset market printed green indexes by surging marginal on Wednesday. The cumulative market cap stands at around $1.33 trillion.
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