SEBA Bank’s subsidiary in Hong Kong has achieved a significant milestone, receiving in-principle approval from the Hong Kong Securities and Futures Commission (SFC). This tentative green light allows SEBA Hong Kong to engage in a range of crypto-focused financial activities.
Specifically, the approval empowers the institution to deal in over-the-counter derivatives, offer advice on virtual assets, and perform asset management on discretionary accounts featuring cryptocurrencies.
As for the decision to seek local licensure, Yu revealed that SEBA Bank had been approached by several cryptocurrency enterprises and private wealth management firms. These inquiries stemmed from their struggles with traditional financial providers in accessing and managing digital asset portfolios. In Switzerland, SEBA Bank already functions as a hybrid institution, offering both classical banking services and a suite of crypto offerings that include trading, staking, lending, and custody.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Hong Kong to flourish as a crypto hub
SEBA Bank’s tentative approval occurs amid a dynamic atmosphere of regulated crypto endeavors in Hong Kong. HashKey became the city’s first fully licensed crypto exchange, inaugurating retail trading in Bitcoin and Ether on August 28. OSL, another trading platform, has also secured the SFC’s permission to commence retail trading operations. They currently stand as the only two fully regulated exchanges in the city.
However, competition may soon heat up. On August 11, the Hong Kong Virtual Asset Exchange (HKVAX) also received in-principle approval from the SFC, signaling its entry as another credible crypto trading platform in the region.
With crypto prices in flux — Bitcoin trading at $27,466 and Ether at $1,720 as of recent data — regulatory progress like this in major financial hubs such as Hong Kong has the potential to stabilize and foster growth in the sector.
Furthermore, Hong Kong’s financial secretary recently indicated that ‘breakthrough growth’ in the region could be driven by Web3 technology, providing further momentum for cryptocurrency and blockchain enterprises.
SEBA Bank’s approval and the surge of regulated activities in Hong Kong point to a maturing ecosystem. They could pave the way for enhanced investor confidence, market transparency, and potentially open doors to restricted markets like China in the foreseeable future.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
