The Swiss crypto bank gets the green light in Hong Kong

Despite the ban in China, Hong Kong recently opened its doors to the crypto industry. The city-state wants a big one hub for the crypto sector and several major players have already signed up, including the Swiss crypto bank SEBA. According to Bloomberg news agency, SEBA has now received preliminary approval from the Hong Kong regulator to offer crypto services.

Provisional approval for crypto bank

The Basic agreement (AIP) is issued by the Securities and Futures Commission (SFC) of Hong Kong. Before the financial institution from Switzerland receives full approval, it still has to meet a number of important requirements.

Upon full approval, SEBA will be authorized to offer both securities and derivatives trading services. The Swiss bank is also an asset manager and crypto custodian and provides staking services for crypto such as Ethereum (ETH), Polkadot (DOT), and Tezos (XTZ).

Hong Kong attracts crypto companies

Despite China’s crypto ban, Hong Kong has received permission to embark on a new path. In July, the metropolis introduced another new legal framework to regulate trading in cryptocurrencies. With this, Hong Kong hopes to attract large crypto companies.

Amy Yu, CEO of SEBA Bank’s Asian branch, sees a gap in the Hong Kong market, particularly when it comes to derivatives. With SEBA she wants to create a connection between the traditional financial world and the crypto world:

“Crypto companies are generally not as closely associated with traditional financial market providers. We feel comfortable dealing with such customers.”

The preliminary approval in Hong Kong gives SEBA bank time to prepare to receive the full license. SEBA also opened a similar office in Abu Dhabi in early 2022 and launched a custody service for NFTs later in the year.

Hashkey Exchange became the first Hong Kong company to be licensed to offer crypto services last month.

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