SEBA Bank, a Switzerland-based cryptocurrency bank, has received an approval-in-principle from Hong Kong’s Securities and Futures Commission (SFC). This is the first step towards obtaining a full license to offer crypto-related services in the Asian financial hub.
With the approval-in-principle, SEBA Bank can now begin the process of meeting the remaining requirements for a full license. These requirements include having adequate financial resources, a sound risk management framework, and a qualified management team.
Once SEBA Bank receives a full license, it will be able to offer a range of crypto-related services in Hong Kong, including:
- Dealing in securities, including crypto-related products such as over-the-counter derivatives and structured products
- Advising on securities and virtual assets
- Offering asset management for discretionary accounts in both traditional securities and virtual assets
The approval-in-principle for SEBA Bank is a significant development for the crypto industry in Hong Kong. It is a sign that the SFC is taking a more accommodating approach to cryptocurrencies, and it could pave the way for other crypto companies to obtain licenses in the city.
Amy Yu, SEBA Bank’s chief executive officer for APAC, said that the company is “very pleased” with the approval-in-principle. She said that Hong Kong is “a very important market for us” and that the company is “committed to providing our clients with the best possible services in Hong Kong.”
The approval-in-principle for SEBA Bank is a positive development for the crypto industry as a whole. It shows that regulators are increasingly open to the idea of cryptocurrencies, and it could help to legitimize the industry and attract more institutional investors.
It remains to be seen how the SFC will regulate crypto-related services in Hong Kong going forward. However, the approval-in-principle for SEBA Bank is a positive step in the right direction