Crypto Bank Seba Wins In-Principle Approval to Operate in Hong Kong

Seba, a crypto bank based in Switzerland, said it won approval-in-principle (AIP) from Hong Kong’s Securities and Futures Commission (SFC) for its regional subsidiary as it looks to extend its international presence.

The approval is the first step in acquiring a full license for Seba Hong Kong to deal in crypto or virtual assets-related products and traditional securities. Hong Kong’s new regulatory regime came into effect in June in an effort to attract firms to the region. The Zug-based bank received an Abu Dhabi Global Market license in February, 2022.

“Complementing Seba Group’s established licenses in Switzerland (FINMA) and Abu Dhabi (FSRA), the Hong Kong AIP significantly extends our global regulatory footprint,” CEO Franz Bergmueller said in a statement. “Seba Group aligns itself with the Hong Kong government and its financial regulators in facilitating an environment that supports the responsible growth of the digital assets industry.”

The SFC didn’t immediately respond to a request for comment.

Seba was founded in 2018 and in 2019 became the first digital asset company to receive a license from the Swiss Financial Market Supervisory Authority (Finma) to offer banking and securities and services. By January 2022, it had raised nearly $250 million, including a Series C funding round of $119 million for global expansion.