The Swiss crypto-friendly SEBA Bank has successfully received preliminary approval from the Securities and Futures Commission (SFC) in Hong Kong, bringing it one step closer to offering crypto services in its region.

The preliminary approval is a significant moment for SEBA Hong Kong, the bank’s regional subsidiary, as it paves the way for acquiring an official license once it meets the established conditions of the SFC.

With this license, SEBA Hong Kong will be able to conduct a range of regulated activities. This includes trading in securities, including virtual asset-related products such as structured products and over-the-counter (OTC) derivatives.

The bank will be authorized to provide advisory services for both traditional securities and virtual assets, along with managing these assets for discretionary accounts.

Julia Leung, the head of SFC Hong Kong, previously emphasized crypto trading across the virtual asset ecosystem when outlining the licensing framework for virtual asset providers.

Strategic Move by SEBA Aligns with Regulatory Framework for Crypto in Hong Kong

SEBA’s strategic move comes amid the introduction of a regulatory framework in Hong Kong that aims to oversee all private crypto trading.

Crypto trading platforms and exchanges are mandated to hold licenses as part of this framework, enhancing the oversight of the cryptocurrency sector in Hong Kong.

SEBA’s proactive engagement with this evolving regulatory landscape positions it as a key player in Hong Kong’s emerging crypto market.

Amy Yu, CEO APAC at SEBA Hong Kong, highlighted the strategic significance of this development by stating:

“We see immense potential in Hong Kong’s journey to become a global crypto market leader and look forward to contributing to that trajectory.”

The bank recognizes Hong Kong’s role in setting international regulatory standards and views its license as a means to strengthen its regulated presence in the Asia-Pacific region.

Franz Bergmueller, Group CEO of SEBA Bank, underscores the institution’s commitment to promoting collaboration and due diligence. He considers these important foundational principles that underpin the future of the digital economy. He added:

“SEBA Group is aligned with the Hong Kong government and its financial regulators in facilitating an environment that supports the responsible growth of the digital asset industry.”

SEBA’s preliminary license in Hong Kong serves as a pivotal point of its Asia-Pacific strategy. The crypto-friendly bank has already obtained similar licenses in Switzerland and Abu Dhabi.

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