SEBA Bank Opens Hong Kong Office in APAC Expansion
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SEBA Bank APAC Expansion Initiatives
According to a statement released by SEBA Bank on Wednesday, the Hong Kong office would serve as the hub 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 variety of cryptocurrency assets that are accessible in the city while also looking at ways to make the market more accessible to regular investors.
Hong Kong Strengthens As Global Leader of Crypto
According to Seba Bank CEO Franz Bergmueller, Hong Kong is strengthening its position as a worldwide leader in cryptocurrencies with a significant history as an international financial hub and a favorable regulatory stance to cryptocurrencies.
The new headquarters will be managed by Seba Hong Kong managing director Ludovic Shum. According to his LinkedIn page, Shum has previously held positions with Credit Suisse, HSBC, Merrill Lynch, and Hong Kong's Securities and Futures Commission (SFC).
Intention to Permit ETFs
The SFC recently announced its intention to permit the sale of specific cryptocurrency exchange-traded funds (ETFs) to investors in Hong Kong and its intention to start a consultation process on the possibility of enabling retail investors to sell virtual assets (VA).
Market research and consulting services will be the primary areas of concentration for Seba Hong Kong. It offers a range of authorized banking and investing services through its offices in Switzerland, including trading, custody for cryptocurrencies and NFTs, structured products, banking information, cards, and credit.