To support its APAC expansion, the cryptocurrency bank Seba (1) has launched an office in Hong Kong. The move coincides with Hong Kong’s intentions to once again become a center for the cryptocurrency industry. Seba Bank, with headquarters in Switzerland, opened a new office in Hong Kong as the Chinese province tries to recover its position as a crypto powerhouse.
Why Hong Kong?
The bank stated on Wednesday (2) that the Hong Kong office would serve as the focal point for Seba’s APAC expansion initiatives. In response to competitor Singapore’s apparent shift toward harsher regulation, Hong Kong has unveiled intentions to reestablish itself as a global center for cryptocurrency. Hong Kong intends to increase the range of cryptocurrency assets available in the city while looking for ways to make the cryptocurrency sector accessible to regular investors.
According to Seba Bank CEO Franz Bergmueller, “Hong Kong is strengthening its position as a worldwide leader in cryptocurrencies with a substantial history as an international financial hub and a favorable regulatory stance to cryptocurrencies.” The new office will be managed by Seba Hong Kong’s managing director, Ludovic Shum. According to his LinkedIn page, Shum has previously worked for Credit Suisse, HSBC, Merrill Lynch, and Hong Kong’s financial regulator, the Securities and Futures Commission (SFC).
Further plans
The SFC (3) has announced plans to permit the sale of some cryptocurrency exchange-traded funds (ETFs) to investors in Hong Kong and to open a public consultation on the possibility of enabling retail investors to trade virtual resources (VA). At the time, the Financial Services and the Treasury Bureau stated, “We recognize the rising acceptability of VA as a vehicle for investment allocation by worldwide investors, be they institutional or individual. The SFC thinks that the risks of exposure to cryptocurrencies have become “manageable with the right safeguards.”
Initially, Seba Hong Kong intends to concentrate on providing market research and consulting services. Its offices in Switzerland offer a range of regulated banking and investing services, such as trading, custody for cryptocurrencies and NFTs, structured products, bank accounts, cards, and credit.
