SEBA Bank, a Swiss-regulated institution focused on managing, investing, and storing crypto, announced it received an approval-in-principle (AIP) for its licence application from Hong Kong’s Securities and Futures Commission (SFC). This means the bank may soon be offering digital asset services in one of the world’s foremost economic centres.
SEBA Bank gets approval-in-principle for Hong Kong crypto-asset operations
Upon receiving the final green light, SEBA Hong Kong’s regulated financial activities will include virtual asset-related products, such as over-the-counter (OTC) derivatives, consulting on securities and virtual assets, and performing asset management for both traditional and virtual securities.
Don’t miss out the latest news, subscribe to LeapRate’s newsletter
This move follows Hong Kong’s introduction of a scheme to regulate retail cryptocurrency activities, which requires the formal licensing of virtual asset service providers. Frameworks such as these became necessary after the past year’s turbulence in cryptocurrency circles and the crumbling of FTX.
Amy Yu Source: LinkedIn
SEBA Bank applied for similar licences in Switzerland and Abu Dhabi. The AIP allows it to get things ready for when it launches these new services in Hong Kong. Amy Yu, CEO for the Asia-Pacific region of SEBA Hong Kong, stated:
It is exciting to be at the forefront of innovation in one of the world’s leading financial and technological centres, Hong Kong. This AIP signifies that all our efforts are heading in the right direction – SEBA group want to service crypto investors in jurisdictions that recognise 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 the trajectory.
