- On August 29, the Hong Kong regulator gave preliminary approval to the local unit of SEBA Bank, a Switzerland-based crypto-friendly bank.
- The bank can provide financial advice on securities and virtual assets and offer discretionary account management, including traditional securities and crypto assets.
- In October 2022, Hong Kong officials issued a series of crypto-related policy statements, indicating the possibility of reopening to initiatives focused on digital assets.
SEBA Bank, a Switzerland-based crypto-friendly bank, has received approval from Hong Kong’s regulator to offer Bitcoin and crypto services.
SEBA Bank Receives Approval for its Services in Hong Kong
On August 29, the Hong Kong regulator gave preliminary approval to the local unit of SEBA Bank, a Switzerland-based crypto-friendly bank. The Securities and Futures Commission (SFC), Hong Kong’s regulatory authority, granted the bank preliminary approval for its unit in the country.
The bank has been authorized to engage in securities trading, including crypto-related products such as over-the-counter (OTC) derivatives and structured products.
The bank can also provide financial advice on securities and virtual assets and offer discretionary account management, including traditional securities and crypto assets. It expects to obtain full licensing by the end of this year’s fourth quarter. Amy Yu, CEO of SEBA Hong Kong, said:
“We see great potential in Hong Kong’s journey to become a global crypto market leader and look forward to contributing to this path. SEBA Hong Kong appreciates Hong Kong’s exemplary behavior in global regulatory standards and values the role of this license in expanding our regulatory impact in the Asia-Pacific region.”
The bank offers traditional banking and crypto services such as trading, staking, lending, and custody in Switzerland.
As part of its expansion into the Asian market, SEBA Bank opened a new office in Hong Kong in November 2022. Currently, the Hong Kong unit primarily collaborates with its Zurich-based parent company to provide services.
The process of adopting cryptocurrencies in Hong Kong
In October 2022, Hong Kong officials issued a series of crypto-related policy statements, indicating the possibility of reopening to initiatives focused on digital assets. In December 2022, the Hong Kong Legislative Council passed a regulatory amendment establishing a full licensing mechanism for crypto platforms offering retail trading services.
In May 2023, Hong Kong’s securities regulator announced plans to provide retail investors with access to virtual asset platforms.
Three years ago, the Hong Kong regulator granted a crypto license to OSL. Earlier this month, the regulator granted a retail crypto trading license to HashKey, a local crypto asset firm. A few days ago, the regulator granted preliminary approval to the Hong Kong Virtual Asset Exchange (HKVAX).
It is evident that Hong Kong is strategically well-positioned with its proximity to the Chinese market. The Hong Kong license obtained by SEBA Bank is part of the same process.
