SEBA Bank, a crypto bank backed by Julius Baer Group, has received in-principle approval from Hong Kong’s regulator to conduct licensed crypto-related services. This will allow SEBA Hong Kong to deal in securities including virtual asset-related over-the-counter derivatives, structured products, provide advice on securities and crypto, and conduct asset management for discretionary accounts in both traditional and virtual assets. Amy Yu, Asia-Pacific CEO at SEBA Bank, said there is a lot of demand for structured products in the region and expects full approvals by the end of the year. The firm also plans to serve crypto firms lacking brokerage services in Hong Kong. While the Hong Kong subsidiary cannot convert fiat currencies to crypto or vice versa, it can refer clients to its Zug entity, which is licensed to do so.
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