The crypto-friendly SEBA Bank, headquartered in Switzerland, announced that it has been given preliminary approval to conduct business in Hong Kong. The regulatory approval moves the local subsidiary of the Swiss bank one step closer to obtaining a license to offer a range of services for cryptocurrency assets in the Chinese region.
1️⃣ SEBA Bank Approval:
👉 SEBA Bank, a Swiss bank known for its #crypto-friendly approach, has received approval from the Hong Kong Securities and Futures Commission (SFC) to deal with virtual assets like #Bitcoin and other cryptocurrencies.
— Keyur Rohit (@CryptoKingKeyur) August 30, 2023
SEBA Bank Takes a Step Towards Full Crypto License in Hong Kong
The Securities and Futures Commission (SFC) of the Chinese Special Administrative Area has granted in-principle clearance to SEBA Hong Kong, a subsidiary of the crypto bank SEBA Bank with headquarters in Zug, the bank announced on Wednesday.
🗓 Friday 23.06.23
🔸 Bitcoin volatility takes a break as $31K BTC price yearly highs loom.
🔸 Rising institutional interest is a 'bullish' sign for crypto: SEBA Bank exec.SEBA Bank exec Nasha Afshar believes that the question of institutions… https://t.co/5sZ4tDOdVj pic.twitter.com/Hse0gNT9au
— OWNR Wallet (@ownrwallet) June 23, 2023
The entity’s application for a license to engage in regulated operations in Hong Kong has been approved, enabling it to deal in securities, including items related to cryptocurrencies such as over-the-counter derivatives and structured products.
SEBA Bank offers digital-era wealth management, investing, and trading products and is backed by the Swiss banking behemoth Julius Bär. Its subsidiary will be authorized to handle assets for discretionary accounts in both physical securities and digital assets thanks to a Hong Kong license.
— Sir Kunt • Crypto & NFT (@SirKunt) August 30, 2023
The Swiss bank noted in the release that SEBA Hong Kong will be among the first businesses authorized in the Chinese territory to offer investment services with cryptocurrency capabilities after it fulfills all SFC requirements and receives the license.
Among the companies in the consortium are Hashkey Exchange and OSL, according to a report by Bloomberg. After Switzerland, where it is regulated by the Swiss Financial Market Supervisory Authority (FINMA), and Abu Dhabi, SEBA Bank is applying for a license in Hong Kong, according to Reuters.