SEBA Bank Nears Crypto Milestone With New Hong Kong Preliminary Approval
- SEBA Bank gains preliminary approval for crypto services from the Hong Kong regulator.
- Approval will enable securities dealings, crypto advisory services, and asset management.
- Hong Kong’s crypto landscape grows with SEBA, HashKey, and OSL advancements.
According to Bloomberg, Swiss-based SEBA Bank has received preliminary approval from Hong Kong’s securities regulator, marking a significant stride toward providing virtual asset services within the Asian financial hub.
Backed by Julius Baer Group Ltd., the bank has gained provisional authorization from the Hong Kong regulator to offer licensed cryptocurrency-related services.
The impending full approval will empower SEBA’s Hong Kong branch to engage in securities activities, encompassing virtual asset-related over-the-counter derivatives and structured products.
Moreover, the institution will extend advisory services on securities and cryptocurrencies, along with managing assets for discretionary accounts spanning both conventional and virtual assets.
SEBA’s success joins the ranks of emerging players, including HashKey Exchange and OSL, who have secured approval to furnish crypto-oriented services in Hong Kong. The region initiated mandatory crypto regulations this summer, aiming to reestablish its reputation as a pioneering financial center.
Upon meeting the final approval prerequisites, the Securities and Futures Commission will issue licenses to SEBA Bank, permitting involvement in securities trading, encompassing crypto-centric structured products.
The bank’s ambit will extend to advising on and overseeing digital assets and conventional securities. Notably, it is poised to bridge the gap for crypto firms lacking brokerage services in Hong Kong, addressing a critical need.
Hong Kong’s introduction of a regulatory framework in June has catalyzed this flurry of crypto advancements. The framework outlines guidelines for regulating retail cryptocurrency trade, necessitating licensing for crypto trading platforms and exchanges, bolstering the region’s oversight over the crypto domain.
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