SEBA Bank Receives Approval-in-Principle in Hong Kong for Virtual Asset Services

Swiss SEBA Bank has been granted approval-in-principle by Hong Kong’s securities regulator, bringing it one step closer to providing virtual asset services in the Asian financial hub. SEBA (Hong Kong) has stated that once it fulfills the conditions for final approval, the Securities and Futures Commission will grant licenses, enabling the bank to conduct securities dealing, including crypto-related structured products, and offer guidance on and manage digital assets and traditional securities. This milestone follows the introduction of a regulatory framework in June by the city, with the aim of regulating retail cryptocurrency trade, which mandates licenses for crypto trading platforms and exchanges. Having already obtained licenses in Switzerland and Abu Dhabi, Hong Kong is the third market in which the Zug-headquartered bank has sought approval. The approval-in-principle allows SEBA to make preparations for operations in anticipation of obtaining the license.