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SEBA Bank’s Hong Kong branch is on the cusp of gaining approval from the Hong Kong Securities and Futures Commission (SFC) to offer virtual asset trading services within the jurisdiction, as announced by the Swiss crypto-focused lender on Wednesday.
Key Details:
- Upon full approval from the SFC, SEBA Hong Kong will be authorized to provide regulated cryptocurrency services, encompassing over-the-counter derivatives, advisory services, and account management.
- Amy Yu, the Asia-Pacific Chief Executive Officer of SEBA Hong Kong, lauded Hong Kong’s exemplary regulatory standards and the pivotal role of this license in expanding their regulated presence across the Asia Pacific region.
- This in-principle approval signifies another significant step forward for Hong Kong in its crypto regulatory journey. In June, a new crypto licensing framework was introduced, paving the way for licensed retail trading services.
- SEBA Bank has a strong interest in Hong Kong, establishing its office in November 2022 as part of its broader Asia-Pacific expansion strategy.
- Preceding SEBA Bank, local crypto exchanges HashKey and OSL received license upgrades from the SFC in early August, making them the first crypto exchanges approved to offer retail services in Hong Kong.
- HashKey, which received the upgraded license weeks ago, recently launched its retail services. Currently, the platform permits the trading of Bitcoin, Ether, and the USDT stablecoin, with plans to introduce more tokens based on future regulatory developments.
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