The Hong Kong division of Swiss crypto-backed bank SEBA Bank has been granted an approval-in-principle from Hong Kong's Securities and Futures Commission (SFC), allowing the bank to engage in virtual asset trading.
SEBA Hong Kong announced on August 30 that the approval-in-principle license would enable it to provide various crypto-related products and services, including over-the-counter derivatives, virtual asset advisory, and asset management for virtual asset discretionary account s. SEBA Hong Kong's CEO, Amy Yu, highlighted Hong Kong's advantageous position due to its regulatory framework for virtual assets and the city's legal system.
Yu Also Noted that Although China Has Implemented a Ban On Cryptocurrency Trading, Hong Kong is Strategical PositiveEd to Access The Chinese Market ONCE IT O. PENS Up. This is due to hong Kong's proximity to make Mainland China and Its Status as a Special Administrative Region. She state That Hong Kong could potentially serve as a gateway to China, facilitating the adoption of cryptocurrencies and blockchain technology.
Explaining the rationale behind seeking a local license, Yu mentioned that SEBA had received inquiries from cryptocurrency companies facing challenges in accessing and managing digital assets through traditional providers. Additionally, private wealth and family offices have also expressed interest in SEBA's services.
In Switzerland, SEBA Bank offers a range of traditional banking services alongside cryptocurrency-related offerings such as trading, staking, lending, and custody. The approval-in-principle from the SFC for SEBA comes amid a trend of regulated cryptocurrency activities gaining momentum in Hong Kong. Recently, HashKey, a crypto exchange, became the first platform in Hong Kong to receive a regulatory license for bitcoin and ether retail trading. Similarly, the OSL interbank trading platform obtained approval from the China Securities Regulatory Commission for retail transactions. Presently , HashKey and OSL are the only fully licensed exchanges in Hong Kong, although the Hong Kong Virtual Asset Exchange (HKVAX) recently received approval-in-principle to operate a cryptocurrency trading platform.
