SEBA Bank, a Switzerland-based financial institution that focuses on cryptocurrencies, has reportedly secured an approval-in-principle from Hong Kong’s securities regulator. The company now needs to comply with additional conditions for final approval before being eligible to provide digital asset services to local consumers.According to Bloomberg, the Hong Kong Securities and Futures Commission intends to grant the Swiss organization an authorization to engage in securities dealing, such as providing crypto-related structured products and managing digital assets, once it meets necessary regulatory requirements. SEBA Bank offers both traditional finance services and such involving cryptocurrencies.Amy Yu, Asia Pacific Chief Executive Officer at the company, said SEBA Bank has seen an increasing demand for derivatives from cryptocurrency firms seeking to hedge their positions. She added that the interest in structured products is also high, claiming that the final approval from Hong Kong’s regulators should come by the end of 2023.The exec explained that SEBA Bank will aim to aid local crypto firms that lack brokerage services, suggesting those are “generally not as connected with traditional financial markets providers.”Leading cryptocurrency exchanges have also targeted China’s special administrative region. OKX applied for a virtual asset service providers (VASPs) license in March, while Huobi started offering crypto spot trading and custody services at the beginning of the summer.SEBA Bank will focus on high-net-worth individuals and family offices. The organization’s Asian ambitions don’t end with Hong Kong, with Singapore being potentially the next destination.Hong Kong’s friendly approach to the cryptocurrency industry has become a reason for multiple digital asset firms to explore the region. Jeremy Allaire, co-founder and CEO of the stablecoin-issuer Circle, said his organization has been closely following the regulatory developments in the Asian megalopolis. He also noted Hong Kong’s efforts to emerge as a “very significant center for digital markets and for stablecoins.”
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇨🇭 🇭🇰 🇨🇳 🇸🇬 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | OKX, Amy Yu, Jeremy Allaire |
| Companies | Polkadot, SEBA Bank, Circle, Huobi, PrimeXBT, Hong Kong Securities and Futures Commission, Tezos, Bank of Communications, Binance, Bank of China, OKX, Ethereum, Shanghai Pudong Development Bank |
| Currencies | Polkadot, Ethereum, Tezos, Bitcoin |
| Securities | None |
