Crypto Banking Pioneer Seba Granted Preliminary Green Light for Operations in Hong Kong

Police & Regulations
Aug 30, 2023 at 04:35 pm

Embarking on the initial steps to secure a comprehensive license, Seba Hong Kong has gained approval to enter the world of cryptocurrency and virtual assets, in addition to its engagement with traditional securities. This endorsement has been granted through the preliminary approval-in-principle (AIP) issued by Hong Kong's Securities and Futures Commission (SFC).

Seba, a cryptocurrency bank headquartered in Switzerland, has proudly declared its attainment of the preliminary approval-in-principle (AIP) from Hong Kong's Securities and Futures Commission (SFC) for its subsidiary operating in the region. This strategic maneuver has been meticulously orchestrated to bolster its global presence and firmly establish its standing within the broader international financial realm.

The AIP signifies the initial phase of Seba Hong Kong's journey towards acquiring a comprehensive license, one that would authorize the bank to partake in the trading of crypto assets, virtual products, and traditional securities. This development follows the recent implementation of a regulatory framework in Hong Kong, intended to attract businesses to invest in the region. It's noteworthy that Seba had previously secured a license from the Abu Dhabi Global Market in February 2022.

Franz Bergmueller, the CEO of Seba Group, has underscored the momentousness of this achievement by stating, "The Hong Kong AIP significantly expands our global regulatory reach, which already includes established licenses in Switzerland (FINMA) and Abu Dhabi (FSRA). This alignment positions Seba Group in harmony with the Hong Kong government and its financial regulatory bodies, fostering an environment that promotes responsible growth within the digital assets industry."

Although a request for comment was submitted to the SFC, no immediate response has been received.

Founded in 2018, Seba achieved a significant milestone in 2019 by becoming the pioneering digital asset entity to secure a license from the Swiss Financial Market Supervisory Authority (FINMA), enabling it to provide banking and securities-related services. By January 2022, Seba had successfully raised funding approaching $250 million, including a notable $119 million from a significant Series C funding round. This infusion of funds was primarily aimed at fueling Seba's ambitious initiatives for global expansion.

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