On Wednesday, Swiss cryptocurrency experts SEBA Bank announced that it has acquired preliminary permission from Hong Kong's securities regulator, putting it just one step away from delivering virtual asset services in the Asian financial centre. According to SEBA (Hong Kong), the Securities and Futures Commission will provide licenses once the prerequisites for final approval are met. …
On Wednesday, Swiss cryptocurrency experts SEBA Bank announced that it has acquired preliminary permission from Hong Kong’s securities regulator, putting it just one step away from delivering virtual asset services in the Asian financial centre.
According to SEBA (Hong Kong), the Securities and Futures Commission will provide licenses once the prerequisites for final approval are met. It will thereafter be able to trade securities, including crypto-related structured products, as well as advise and manage digital assets and traditional securities.
The news comes after the city adopted a framework in June to regulate retail cryptocurrency trade, which requires crypto trading platforms and exchanges to get licenses. The framework was released following a year of instability in the cryptocurrency market, including the bankruptcy of exchange FTX.
After Switzerland and Abu Dhabi, the Zug-headquartered bank has applied for a license in Hong Kong. The approval-in-principle permits SEBA to begin operations as soon as it receives its license.
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