Switzerland-based crypto-friendly SEBA Bank announced it has received an approval-in-principle to operate in Hong Kong. The regulatory nod brings the Swiss bank’s local entity closer to becoming a licensed provider of various services for crypto assets in the Chinese region.
SEBA Bank Takes a Step Towards Full Crypto License in Hong Kong
SEBA Hong Kong, a subsidiary of the Zug-headquartered crypto bank SEBA Bank, has been issued an in-principle approval by the Securities and Futures Commission (SFC) of the Chinese Special Administrative region, the bank said on Wednesday.
The approval has been granted for the entity’s application for a license to conduct regulated activities in Hong Kong which will allow it to deal in securities, including crypto-related products such as over-the-counter derivatives and structured products.
Backed by the Swiss banking giant Julius Baer, SEBA Bank provides wealth management, investment, and trading solutions for the digital age. A Hong Kong license will also enable its subsidiary to manage assets for discretionary accounts in both traditional securities and virtual assets.
Hong Kong has been taking steps to revive its status of a global financial hub in the aftermath of the Covid-19 pandemic by creating conditions for crypto business. In June, the city introduced rules for retail crypto trade that require trading platforms and exchanges to obtain special 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,” said SEBA Hong Kong CEO Amy Yu.
When it meets all conditions set by the SFC and gets the license, SEBA Hong Kong will be among the first companies licensed in the Chinese region to offer investment services with crypto capabilities, the Swiss bank pointed out in the announcement.
The group includes firms like Hashkey Exchange and OSL, Bloomberg noted in a report. Hong Kong is the third jurisdiction where SEBA Bank seeks licensing after Switzerland, where it’s supervised by the Swiss Financial Market Supervisory Authority (FINMA), and Abu Dhabi, Reuters reminded.
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