SEBA is one step closer to being able to offer virtual asset services in Hong Kong.
SEBA Hong Kong, a regional subsidiary of a global crypto bank SEBA Bank, has been issued an approval-in-principle (AIP) from the Securities and Futures Commission (SFC) in Hong Kong.
On August 30th, the bank published a press release stating that SEBA Hong Kong’s AIP reflects on the application to be licensed to deal in securities, including virtual assets-related products, in Hong Kong.
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The AIP is the first step toward acquiring an official license, which would be issued once all of the SFC’s conditions are met.
Once fully granted, the license will allow the company to engage in securities dealing, advise on virtual assets, and handle asset management.
If licensed, SEBA Hong Kong would be the first group of licensed corporations to manage “investment services with crypto capabilities” in the region.
In June, the city introduced regulations regarding crypto trade that require crypto trading platforms and exchanges to acquire licenses.
Amy Yu, CEO of APAC at SEBA Hong Kong, expressed excitement about the AIP:
This AIP signifies that all our efforts are heading in the right direction – SEBA group wants to service crypto investors in jurisdictions that recognise the value of digital assets. We see enormous potential in Hong Kong’s journey to becoming a global crypto market leader and look forward to contributing to that trajectory.
According to the bank, this decision from the regulators is proof that the institution is a trusted partner in Hong Kong.
The city is the third region where SEBA seeks to establish a presence. Last year, the bank obtained the Financial Services Permission (FSP) from the Financial Services Regulatory Authority in Abu Dhabi and opened an office there.
Prior to gaining AIP, SEBA partnered with financial service group HashKey to facilitate institutional crypto adoption in Hong Kong and Switzerland.
