The cryptocurrency-focused Swiss bank SEBA has secured approval-in-principle (AIP) from Hong Kong’s Securities and Futures Commission (SFC). This brings SEBA one step closer to providing crypto services in Hong Kong.
The AIP marks a crucial milestone for SEBA’s Hong Kong subsidiary, as it sets the stage for SEBA Hong Kong to obtain an official license once it fulfills the SFC’s specified conditions. Meeting these requirements will allow the subsidiary to acquire the full license to offer crypto services in the region.
The full SFC license will authorize SEBA Hong Kong to perform various regulated activities. These include dealing in securities tied to virtual assets, like structured products and over-the-counter derivatives.
The license will also enable SEBA Hong Kong to provide advisory services for both traditional securities and cryptocurrencies, along with asset management for discretionary accounts.
Previously, the SFC’s chief Julia Leung gave a speech emphasizing regulated crypto trading’s importance within Hong Kong’s broader virtual asset ecosystem. She also outlined the licensing framework for crypto providers.
SEBA’s Tactical Maneuver in Harmony with Hong Kong’s Crypto Regulatory Framework
SEBA’s strategic move to obtain Hong Kong licensing comes after the introduction of new regulations aimed at overseeing retail cryptocurrency trading. Hong Kong implemented this regulatory framework requiring crypto trading platforms and exchanges to secure licenses for operations.
By mandating licenses, Hong Kong is creating a more controlled environment for crypto-related activities in the market.
Through proactively engaging with these evolving crypto regulations in Hong Kong, SEBA is positioning itself as a significant contender in Hong Kong’s still-developing cryptocurrency marketplace. Obtaining proper licensing will enable SEBA to offer compliant, authorized crypto services as the Hong Kong market continues maturing.
SEBA recognizes Hong Kong’s influential role in shaping international crypto regulations. It values obtaining a Hong Kong license to expand its regulated presence across the Asia Pacific.
Franz Bergmueller, Group CEO of SEBA Bank, stressed the institution’s commitment to compliance and diligence as crucial for the digital economy’s future. SEBA’s imminent Hong Kong license serves as a key part of its broader Asia Pacific strategy, after already getting similar licenses in Switzerland and Abu Dhabi.
#SEBA #HongKong #DigitalAssets #CryptoIndustry
