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Swiss Crypto Bank SEBA Wins Hong Kong License
The bank's Hong Kong unit can now deal in and distribute securities, including products related to virtual assets related.
Nov 8, 2023, 12:47 p.m.
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Swiss crypto bank SEBA's Hong Kong subsidiary has been approved for a license by the Securities and Futures Commission (SFC), according to a Wednesday announcement.
"This license permits SEBA Hong Kong to conduct regulated activities in Hong Kong to deal in and distribute all securities, including virtual assets-related products," the Zug-based bank said.
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The crypto products and services allowed under the license include over-the-counter (OTC) derivatives and structured products with underlying virtual assets, advice on virtual assets and "asset management for discretionary accounts in both traditional securities and virtual assets," according to SEBA.
The license follows approval in-principle granted in August. Hong Kong recently updated its crypto licensing frameworks to allow for retail trading, and the SFC also signaled it will allow some tokenized securities-related activities. HashKey Exchange and OSL Digital Securities won the first crypto exchange licenses under that regime.
SEBA, founded in 2018, received its first foreign license from Abu Dhabi in February, 2022.
"Institutional and professional investors, including corporate treasuries, funds, family offices and high-net-worth individuals, can begin availing of SEBA Hong Kong’s licensed services from today," SEBA said.
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Ripple's Brad Garlinghouse says CLARITY bill has '90% chance' of passing by April
The bill would clarify which digital assets fall under securities law versus Commodity Futures Trading Commission oversight.
What to know:
- Ripple CEO Brad Garlinghouse said he now sees a 90 percent chance that the long-debated Clarity Act will pass by the end of April, citing renewed momentum in Washington.
- The bill would clarify which digital assets fall under securities law versus Commodity Futures Trading Commission oversight, addressing long-standing regulatory uncertainty that Garlinghouse says has weighed on innovation.
- Ripple, which has spent nearly $3 billion on acquisitions since 2023 and is now pausing major deals to focus on integration, argues that both crypto firms and traditional financial institutions increasingly want clear rules as attitudes toward digital assets shift.
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