Swiss SEBA Bank Obtains In-Principle Approval to Offer Crypto Services in Hong Kong
Switzerland-based crypto-friendly SEBA Bank
announced it has received an approval-in-principle to operate in Hong Kong. The regulatory nod brings the Swiss bank’s local entity
closer to becoming a licensed provider of various services for crypto assets in the Chinese region.
Backed by the Swiss banking giant Julius Baer,
SEBA Bank provides wealth management, investment, and trading solutions for the digital age. A Hong Kong license
will also enable its subsidiary to manage assets for discretionary accounts in both traditional securities and virtual assets.
Hong Kong has been
taking steps to revive its status of a global financial hub in the aftermath of the Covid-19 pandemic by creating conditions for crypto business. In June, the city introduced rules for retail crypto trade that require trading platforms and exchanges to obtain special licenses.
When it meets all conditions set by the SFC and gets the license,
SEBA Hong Kong will be among the first companies licensed in the Chinese region to offer investment services with crypto capabilities, the Swiss bank pointed out in the announcement.
The group includes firms like Hashkey Exchange and OSL, Bloomberg noted in a report.
Hong Kong is the third jurisdiction where SEBA Bank seeks licensing after Switzerland, where it’s supervised by the Swiss Financial Market Supervisory Authority (FINMA), and Abu Dhabi, Reuters reminded.
