Switzerland-based SEBA Bank has received an approval-in-principle (AIP) from the Securities and Futures Commission (SFC) in Hong Kong for its regional subsidiary, marking a significant achievement in the bank’s international expansion endeavors. This milestone represents the initial phase toward obtaining a full license for SEBA Hong Kong, allowing it to engage in activities related to crypto, virtual assets, and traditional securities.

Hong Kong introduced a new regulatory framework in June to attract businesses to the region by offering clear regulations for companies operating in the digital asset sector. SEBA Bank had previously secured a license from the Abu Dhabi Global Market in February 2022.

Franz Bergmueller, the CEO of SEBA Bank, emphasized the importance of this milestone, stating, “Complementing SEBA Group’s established licenses in Switzerland (FINMA) and Abu Dhabi (FSRA), the Hong Kong AIP significantly extends our global regulatory footprint. 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.”

As of the time of reporting, the SFC had not issued an official response regarding the AIP while SEBA Bank continues to progress with its expansion plans.

SEBA Bank, established in 2018, made history in 2019 by becoming the first digital asset company to obtain a license from the Swiss Financial Market Supervisory Authority (FINMA), allowing it to offer banking and securities services. By January 2022, the institution had successfully raised nearly $250 million in funding, including a substantial $119 million from a Series C funding round, earmarked for its global expansion initiatives.

Disclaimer: This article is based on information available as of August 30, 2023. It is intended for informational purposes only and should not be considered as financial, legal, or investment advice. Readers are encouraged to conduct their research and seek guidance from qualified professionals regarding cryptocurrency-related matters.