Swiss-based cryptocurrency bank Seba said that the Hong Kong Securities and Futures Commission (SFC) had granted approval-in-principle (AIP) for the establishment of its regional subsidiary as part of an effort to increase its global reach.
The permission is the first stage in getting Seba Hong Kong a complete licence to trade in traditional securities and goods related to cryptocurrencies or virtual assets. Hong Kong’s new regulatory framework went into force in June in an effort to draw businesses to the area. In February 2022, the bank with its headquarters in Zug got a licence from the Abu Dhabi Global Market.
The CEO of Seba Group, Franz Bergmueller, stated in a statement that the Hong Kong AIP “significantly extends our global regulatory footprint” and “complements Seba Group’s established licences in Switzerland (FINMA) and Abu Dhabi (FSRA)”. “Seba Group aligns itself with Hong Kong’s financial regulators and government in facilitating an environment that supports the responsible growth of the digital assets industry.”
Seba was established in 2018 and became the first firm dealing in digital assets to be granted a licence by the Swiss Financial Market Supervisory Authority (Finma) to provide banking, securities, and other services in 2019. It has approximately $250 million in funding by January 2022, including a $119 million Series C funding round for international growth.