SEBA Bank Receives License to Offer Crypto Services in Hong Kong
SEBA Bank, a Switzerland-based crypto-focused bank, has obtained an in-principal license from the Securities and Futures Commission (SFC) to provide crypto derivatives and other products in Hong Kong. The bank will also offer virtual asset investment advice, including asset management for selected crypto accounts. Amy Yu, SEBA Hong Kong’s Asia-Pacific CEO, stated that Hong Kong’s regulatory framework for digital assets makes it an attractive hub for crypto service providers. She believes that Hong Kong’s strategic location and its proximity to mainland China position it as a gateway for blockchain and crypto to enter the Chinese market. SEBA’s decision to acquire a license in Hong Kong was driven by requests from crypto firms and private businesses for professional digital assets management services.
SEBA Joins Regulated Crypto Market in Hong Kong
SEBA Bank’s in-principal approval comes as Hong Kong has recently introduced a crypto asset regulatory framework. Hashkey Exchange and OSL are the only fully licensed crypto exchanges providing trading services in Hong Kong currently. However, other firms, including SEBA Bank, are in the process of obtaining similar licenses. Prior to SEBA, the SFC issued an in-principal approval to the Hong Kong Virtual Asset Exchange (HKVAX) on August 11, allowing them to offer cryptocurrency trading services. This marks the third location, after Abu Dhabi and Switzerland, where SEBA Bank has pursued an operational license.
Hot Take
SEBA Bank’s acquisition of an in-principal license from the SFC to offer crypto services in Hong Kong positions it to tap into the Chinese market once it opens up. Hong Kong’s regulatory framework and strategic location make it an attractive hub for crypto service providers. As more firms obtain licenses, the regulated crypto market in Hong Kong is expected to expand, providing opportunities for growth and innovation in the industry.
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