BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
FOLLOW
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result

SEBA Bank Secures Regulatory Approval to Offer Crypto Services in Hong Kong

BlockNews Team by BlockNews Team
August 31, 2023
in Crypto, Finance, Media
SEBA Bank
Share on TwitterShare on Reddit
  • SEBA Bank has received an in-principle approval to deal in virtual assets by the Hong Kong Securities Future Commission(SFC).
  • SEBA Bank’s latest achievement may catalyze its plans for international expansion.

On Aug 30, SEBA Bank’s Hong Kong branch announced its approval-in-principle, granted by the Hong Kong Securities Future Commission (SFC) to offer crypto services.

An approval-in-principle(AIP) is the first process in obtaining a local license to deal in virtual assets and securities in Hong Kong.

Before granting the approval-in-principle (AIP) and full license to banks, Hong Kong has made numerous efforts to become a virtual asset hub.

Recently, Hong Kong launched a virtual asset trading platform(VATP) regime, a prominent effort designed to enable virtual asset providers to serve retail investors once they obtain a full license from the Securities Future Commission (SFC).

Although the collapse of top banks like Silvergate and Signature Bank dwindled the results of the efforts made, Hong Kong continues to push its commitment and support for the cryptocurrency sector. It plans to become a crypto hub and has expressed this policy by welcoming banks, crypto companies, and crypto enthusiasts with open hands through its initiatives.

Amy Yu, CEO of APAC SEBA Hong Kong, highlights the Hong Kong government’s support through the AIP approval.

“We see enormous potential in Hong Kong’s journey to becoming a global crypto market leader and look forward to contributing to that trajectory. SEBA Hong Kong commends the example Hong Kong sets for regulatory standards worldwide and values the role of this licence in expanding our regulated footprint across the Asia Pacific,”She said.

The approval-in-principle (AIP) signifies an integral point for SEBA Bank’s Hong Kong branch on its road to obtaining a full license. With the full license, the crypto-friendly Swiss bank can deal in regulated activities like “securities, including virtual assets-related products, such as OTC derivatives and structured products; advise on securities and virtual assets; and conduct asset management for discretionary accounts in both traditional securities and virtual assets”.

According to the press release, the impact of SEBA Bank’s license is beyond dealing in crypto-related products in Hong Kong; it will also be a significant milestone for its expansion plans in the Asia-Pacific.

“Complementing SEBA group’s established licenses in Switzerland (FINMA) and Abu Dhabi (FSRA), the Hong Kong AIP significantly extends our global regulatory footprint,” Franz Bergumueller, the Group CEO of SEBA Bank, said.

To express its Asia-Pacific strategy, SEBA Bank has partnered with HashKey, one of Hong Kong’s licensed crypto exchanges.

Hashkey announced the partnership recently, referring to the crypto-friendly bank as its “preferred digital asset trading and market development partner in Hong Kong.”

Hashkey recently upgraded its license to trade cryptocurrency as an exchange in August. It is the first crypto exchange in Hong Kong to obtain a crypto license.

SEBA Bank is a crypto-friendly bank of Swiss origin. SEBA opened its first bank in Hong Kong last November after obtaining a license to offer crypto services in Abu Dhabi and Switzerland.

Tags: crypto adoptionHong KongSEBA Bank
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

bitcoin(s)
Crypto

US Lawmakers Call On SEC Chair To Approve Spot Bitcoin ETFs ‘Immediately’

September 30, 2023
Uniswap-logo
Business

Uniswap Seeks Funding Approval to Bolster Development and Research Initiatives

September 30, 2023
Ripple Logo on Phone
Business

Ripple Retracts Fortress Trust Acquisition, Keeps Future Collaborations Open

September 30, 2023
Eth logo
Crypto

Ethereum Futures ETFs Could Start Trading Next Week — Bloomberg Analyst

September 30, 2023
Paysafe logo on Billboard
Business

Binance Loses Key European Banking Partner Paysafe, Urges Shift to USDT

September 30, 2023
Around the Block
Crypto

Around The Block: Sept 29 Week in News

September 30, 2023
Load More
Next Post
Circle Mercado Libre

Circle Partners With Mercado Libre to Bring USDC to Chile

Lufthansa Airlines Polygon

Polygon Partners with Lufthansa Airlines to Launch New NFT Loyalty Platform

Supra Blockchain

Supra Introduces Cross-Chain Bridgeless Technology for Secure Blockchain Interoperability

Related News

Genesis-Logo

Genesis Chief Officer Leaves Crypto Firm After Just 3 Months

October 23, 2022
CBDC

How CBDCs could be Crypto’s Evil Twin

September 22, 2022
Celsius Hire Lawyers to Help Restructure Company Amidst User Fund Freeze

Celsius Hire Lawyers to Help Restructure Company Amidst User Fund Freeze

June 17, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
Discord Twitter Instagram TikTok
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • US Lawmakers Call On SEC Chair To Approve Spot Bitcoin ETFs ‘Immediately’ September 30, 2023
  • Uniswap Seeks Funding Approval to Bolster Development and Research Initiatives September 30, 2023
  • Ripple Retracts Fortress Trust Acquisition, Keeps Future Collaborations Open September 30, 2023

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?