Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
SEBA on Wednesday announced it has extended its regulatory reach to Asia.
What Happened: The crypto bank has a new license from the Securities and Futures Commission (SFC) in Hong Kong. Through its subsidiary, SEBA Hong Kong, the firm is now authorized to offer a wide array of regulated activities encompassing both traditional securities and crypto-related services.
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Also Read: Analyst Warns Of Crypto Market Turbulence: Could Bitcoin Value See 20% Drop?
Why It Matters: SEBA's expansion in Hong Kong is indicative of the significant trend toward global crypto economies seeking regulatory compliance.
The newly acquired license allows SEBA Hong Kong to engage in dealing and distributing securities, provide advice on securities and virtual assets, and manage assets for discretionary accounts.
This suite of services is tailored to meet the needs of institutional and professional investors, such as corporate treasuries, funds, family offices, and high-net-worth individuals in the APAC region.
SEBA Bank's expansion aligns with its strategic vision to cement itself in the APAC market, recognized for its financial innovation and trading acumen.
Franz Bergmueller, Group CEO of SEBA Bank, remarked on Hong Kong's pivotal role in the crypto economy since the inception of Bitcoin (CRYPTO: BTC), noting that the added regulatory clarity from the Hong Kong license complements the city's stature as a leading global financial hub.
He accentuated the importance of Hong Kong's well-defined regulatory framework, which provides a robust environment for the execution of crypto-related services.
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Image: Hong Kong skyline, Pixabay
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