Swiss SEBA Bank Obtains In-Principle Approval to Offer Crypto Services in Hong Kong

Switzerland-based crypto-friendly SEBA Bank introduced it has obtained an approval-in-principle to function in Hong Kong. The regulatory nod brings the Swiss financial institution’s native entity nearer to changing into a licensed supplier of varied companies for crypto belongings within the Chinese area.

SEBA Bank Takes a Step Towards Full Crypto License in Hong Kong

SEBA Hong Kong, a subsidiary of the Zug-headquartered crypto financial institution SEBA Bank, has been issued an in-principle approval by the Securities and Futures Commission (SFC) of the Chinese Special Administrative area, the financial institution stated on Wednesday.

The approval has been granted for the entity’s software for a license to conduct regulated actions in Hong Kong which is able to enable it to deal in securities, together with crypto-related merchandise resembling over-the-counter derivatives and structured merchandise.

Backed by the Swiss banking large Julius Baer, SEBA Bank offers wealth administration, funding, and buying and selling options for the digital age. A Hong Kong license will even allow its subsidiary to handle belongings for discretionary accounts in each conventional securities and digital belongings.

Hong Kong has been taking steps to revive its standing of a world monetary hub within the aftermath of the Covid-19 pandemic by creating circumstances for crypto enterprise. In June, town launched guidelines for retail crypto commerce that require buying and selling platforms and exchanges to acquire particular licenses.

“SEBA group wants to service crypto investors in jurisdictions that recognize the value of digital assets. We see enormous potential in Hong Kong’s journey to becoming a global crypto market leader and look forward to contributing to that trajectory,” stated SEBA Hong Kong CEO Amy Yu.

When it meets all circumstances set by the SFC and will get the license, SEBA Hong Kong can be among the many first firms licensed within the Chinese area to supply funding companies with crypto capabilities, the Swiss financial institution identified within the announcement.

The group consists of companies like Hashkey Exchange and OSL, Bloomberg famous in a report. Hong Kong is the third jurisdiction the place SEBA Bank seeks licensing after Switzerland, the place it’s supervised by the Swiss Financial Market Supervisory Authority (FINMA), and Abu Dhabi, Reuters reminded.

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