Seba Bank, a cryptocurrency bank established in Switzerland that offers professional and institutional clients a bridge between digital and traditional assets, announced the opening of a new office in Hong Kong.
Seba Bank made the announcement today, stating that the opening of the Hong Kong office is in line with its effort to provide services to institutional clients worldwide as part of its expansion in the Asia Pacific region (APAC).
The bank noted that the Hong Kong office will center on consulting and market research, as well as identifying strategic partners for its Swiss headquarters.
Seba Bank hinted that its Hong Kong office will leverage the growing demand for crypto across APAC since Hong Kong offers a supportive crypto licensing structure that provides a valuable foundation for capitalizing on the region’s economic potential.
Managing Director at Seba Hong Kong, Ludovic Shum gave commented that the launch of the Hong Kong office is very significant to the bank’s vision.
“We are happy to be a part of the crypto ecosystem and to support the growth of the virtual/digital assets’ industry in Hong Kong and the area by bolstering our presence in a significant global financial center,” he said.
Development of Crypto in Hong Kong
The development of cryptocurrency in Hong Kong has accelerated as the use of cryptocurrency has extended around the world.
A news update revealed that regulators in Hong Kong are trying to authorize retail trading of cryptocurrency and exchange-traded funds (ETFs) as part of the city’s efforts to become a digital asset hub and financial center.
Hong Kong was the most crypto-ready country in the world, with the United States of America closely trailing, according to the findings of a global analysis of crypto readiness conducted in July. The analysis looked at the tax and regulatory policies governing digital assets in each country, the number of blockchain startups, the presence of crypto ATMs, and the level of market interest per capita.
In light of the ongoing financial crisis being experienced by the crypto market due to the fall of the FTX exchange, Hong Kong’s financial secretary, Paul Chan has advocated for strict supervision and transparency when dealing with digital assets in the nation in an effort to prevent further circumstances similar to FTX. Chan emphasized the significance of being orderly and careful in order to prevent the impact of these risks from spreading to the actual economy.
