SEBA Bank AG, a crypto bank backed by Julius Baer Group Ltd., has received in-principle approval from Hong Kong’s regulator to conduct licensed crypto related services.
Once full approval comes through, SEBA Hong Kong will be able to deal in securities including virtual asset-related over-the-counter derivatives and structured products. It will also be able to provide advice on securities and crypto and conduct asset management for discretionary accounts in both traditional and virtual assets.
The Zug-headquartered Swiss bank sees demand for derivatives from crypto firms looking to hedge their positions, according to Amy Yu, Asia Pacific chief executive officer at SEBA Bank. “Derivatives is going to be a very interesting angle in Asia,” said Yu. The firm is also looking to serve crypto firms that lack brokerage services in Hong Kong. The Hong Kong Monetary Authority has encouraged local lenders to bank crypto firms but such firms are struggling to get access to services.
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