SEBA Bank's Hong Kong Branch Granted Approval to Deal in Virtual Assets, Expands Crypto Services in Promising Market
Summary:
SEBA Bank's Hong Kong branch receives in-principle approval from the SFC to deal in virtual assets, allowing it to offer a range of crypto services. Hong Kong proves to be a strategic location for accessing the Chinese market in the future. The approval aligns with the increasing crypto activity in Hong Kong, with HashKey and OSL being the only fully licensed exchanges currently. The decision to pursue a local license stems from the demand for digital asset management services.
SEBA Bank's Hong Kong branch has been granted in-principle approval by the Hong Kong Securities and Futures Commission (SFC), allowing it to engage in virtual asset transactions. This license will enable SEBA Hong Kong to provide services such as over-the-counter derivatives, virtual asset advice, and asset management for discretionary accounts involving virtual assets. SEBA Hong Kong's Asia-Pacific CEO, Amy Yu, emphasized Hong Kong's potential as a result of its virtual asset regulatory framework and legal system. While China currently has a ban on crypto trading, Yu stated that Hong Kong is strategically positioned to tap into the Chinese market when it eventually opens up. She believes that Hong Kong could serve as a gateway to China, unlocking the significant potential of cryptocurrencies and blockchain technology. The decision to pursue a local license stemmed from SEBA receiving inquiries from crypto companies facing challenges in accessing and managing their digital asset holdings through traditional providers. Additionally, there has been interest from private wealth and family offices. In Switzerland, SEBA Bank offers a range of traditional banking and crypto services, including trading, staking, lending, and custody. SEBA's in-principle approval coincides with a surge in regulated crypto activities in Hong Kong. HashKey, the first regulated crypto exchange in the city, recently began retail trading in Bitcoin (BTC) and Ether (ETH). Similarly, OSL, another regulated platform, received approval from the SFC to offer retail trading. Currently, HashKey and OSL are the only two fully licensed exchanges in Hong Kong. However, this may change in the near future, as the Hong Kong Virtual Asset Exchange (HKVAX) received in-principle approval from the SFC on August 11 to operate a crypto trading platform.
Published At
8/30/2023 1:00:00 AM
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