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SEBA

SEBA Bank Secures License To Facilitate Crypto Trading Services In Hong Kong

Kent Tenix
by Kent Tenix
2 years ago
·
Posted in Uncategorized
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

SEBA Bank, a Switzerland-based crypto-focused bank, has secured an in-principal license to offer crypto services in Hong Kong. SEBA’s Hong Kong unit announced this achievement on August 30.

The Securities and Futures Commission (SFC) license allows the bank to offer over-the-counter crypto derivatives and other products in Hong Kong. Also, SEBA Hong Kong said it would provide virtual assets investment advice, including asset management for selected crypto accounts.

SEBA Identifies Hong Kong As A Gateway To The Chinese Market

SEBA Hong Kong’s Asia-Pacific CEO, Amy Yu, commented on the development. Yu said that the SFC’s regulatory framework for digital assets makes Hong Kong an attractive hub for crypto service providers. Furthermore, she noted that the clear framework provides vast growth potential for Hong Kong’s virtual asset industry.

Moreover, the ban on crypto trading in mainland China presents enormous opportunities for Hong Kong to explore the Chinese market. That’s because Hong Kong is China’s Special Administrative Region, strategically located near the mainland.

“Hong Kong is well-positioned to tap into the Chinese market when it opens up,” Yu remarked. Additionally, the SEBA CEO believes it would serve as a gateway for blockchain and crypto to penetrate the broader Chinese market.

Meanwhile, Yu commented on the SEBA’s decision to acquire a local license. She said the bank received requests from crypto firms who faced challenges accessing or managing their crypto holdings through traditional service providers.

Also, SEBA recorded enormous interest from family and private businesses who wanted professional digital assets management services. Given these factors, the company decided to apply for a license in Hong Kong.

It bears mentioning that SEBA offers traditional banking and cryptocurrency services in Switzerland, including crypto staking, trading, custody, and lending.

TOTAL chart
The daily chart shows that the total crypto market cap currently stands at $1.071 trillion. | Source: TOTAL chart from TradingView.com

SEBA Joins A Host Of Others In Hong Kong’s Regulated Crypto Market

The Swiss bank’s in-principal approval comes amid heightened crypto regulatory activity in Hong Kong. Hong Kong introduced a crypto asset regulatory framework in June and the framework aimed at checkmating retail crypto trading. It mandates cryptocurrency trading service providers and exchanges to procure licenses from the SFC.

Following the framework introduction, Hashkey Exchange was the first to obtain a license to offer crypto trading services in Hong Kong. According to the August 28 report, the license allows Hashkey to offer Bitcoin and Ether retail trading.

Also, on August 3, OSL, a P2P trading platform, received an SFC license to offer retail Bitcoin and Ethereum trading. These two companies are the only fully licensed crypto exchanges providing trading services in Hong Kong.

However, this is about to change, as other firms have initiated moves to obtain similar approval in the city. Before SEBA, the SFC issued an in-principal approval to the Hong Kong Virtual Asset Exchange (HKVAX) on August 11. The clearance allows HKVAX to offer cryptocurrency trading services.

Meanwhile, the Hong Kong move marks the third location, after Abu Dhabi and Switzerland, where SEBA Bank has pursued an operational license.

Featured image from Pixabay and chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Kent Tenix

Kent Tenix

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Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on politics, business, technology, or culture, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

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