Benzinga - The Securities and Futures Commission (SFC) of Hong Kong granted an approval-in-principle (AIP) to crypto bank SEBA Hong Kong to offer crypto-related services.
This AIP pertained to its application to conduct regulated activities in the region, encompassing dealings in securities, including virtual assets-related products such as OTC derivatives and structured products.
Additionally, the license authorized SEBA Hong Kong to advise on securities and virtual assets and manage discretionary accounts in both traditional securities and virtual assets, the company stated in a statement issued Wednesday.
"Being at the cutting edge of innovation in a global financial and tech hub like Hong Kong is exhilarating. The AIP is a testament to our dedication to catering to crypto investors in regions that appreciate the significance of digital assets," said Amy Yu, CEO APAC of SEBA Hong Kong.
"We're optimistic about Hong Kong's potential as a leading global crypto market and are eager to play a role in its evolution. The regulatory standards set by Hong Kong are commendable, and this license will bolster our regulated presence across the Asia Pacific."
This AIP is the initial phase in SEBA Hong Kong's journey to secure an official license, which will be granted once all SFC conditions are satisfied.
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Franz Bergmueller, Group CEO of SEBA Bank, said the bank is committed to compliance and due diligence, which are crucial for the digital economy of the future.
"With existing licenses in Switzerland and Abu Dhabi, this AIP in Hong Kong further broadens our global regulatory reach. We're in sync with the Hong Kong government and its financial regulators in nurturing a conducive environment for the responsible expansion of the digital assets sector," he said.
The bank said its strategy for the Asia Pacific region, included offering wealth management, investment and advisory services to investors, all under the umbrella of a regulated institution.
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