Image Credits: CryptoAvanza
- SEBA Bank, a global cryptocurrency bank, has received preliminary approval from the Hong Kong Securities and Futures Commission (SFC) for its subsidiary, SEBA Hong Kong.
- This approval allows SEBA Hong Kong to operate as a licensed entity in Hong Kong.
SEBA Bank, a global cryptocurrency bank that offers a wide range of financial services for the digital age, such as wealth management, investments, trading, and advisory solutions, has shared some important news.
They’ve announced that their subsidiary, SEBA Hong Kong, has received a preliminary approval (known as Approval-in-Principle or AIP) from the Hong Kong Securities and Futures Commission (SFC).
This approval allows SEBA Hong Kong to move forward with its application to operate as a licensed entity in Hong Kong. This includes activities like trading securities, which also covers products related to virtual assets like over-the-counter (OTC) derivatives and structured products.
Moreover, SEBA Hong Kong is allowed to offer advisory services for both traditional securities and virtual assets. They’re also given the green light to manage assets for discretionary accounts involving both regular securities and virtual assets.
Once the official license is granted, SEBA Hong Kong will be part of the first group of licensed companies in Hong Kong that can offer investment services combined with cryptocurrency capabilities. This achievement positions SEBA Bank, based in Switzerland, as a significant trailblazer in Hong Kong’s rapidly growing cryptocurrency landscape.
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It’s important to note that getting the approval in principle is just the first step for SEBA Hong Kong. They’re on the path to getting an official license, which will allow them to operate as a fully licensed institution, but this is dependent on meeting all the requirements set by the SFC.
The upcoming license for SEBA Hong Kong is a major milestone in their strategy for the Asia Pacific region. Their plan involves establishing a physical presence to provide services like wealth management, investment, and advisory services to investors. They’re highlighting the security and enhanced customer experience that comes with engaging with a regulated institution.
