Swiss SEBA gets approval-in-principle to offer crypto services in Hong Kong
- Approval-in-principle from the SFC means subsidiary has generally satisfied regulators with its ‘fitness and properness’ to receive a licence
- The Swiss bank is looking to provide investment services to crypto clients in the city and support responsible growth of the digital assets industry
The Hong Kong arm of Swiss crypto-focused SEBA Bank is aiming to become one of the first licensed companies in the city to “conduct investment services with crypto capabilities”, following an approval-in-principle from local regulators.
Final approval for the licence will allow the subsidiary to deal in securities, including virtual assets-related products, advise on securities and virtual assets, and conduct asset management in both traditional securities and virtual assets.
According to Hong Kong’s Securities and Futures Commission (SFC), an approval-in-principle indicates that a company has generally satisfied its “fitness and properness” test to receive a licence but must still clear certain matters, such as capital injection and availability of office premises.
A SEBA representative told the Post that the full licence is expected in the final quarter of the year, subject to it fulfilling all the approval-in-principle conditions.
“This [approval-in-principle] signifies that all our efforts are heading in the right direction – SEBA group wants to service crypto investors in jurisdictions that recognise the value of digital assets,” said Amy Yu, APAC CEO of SEBA Hong Kong, in a statement on Wednesday.
Hong Kong has been pushing to become a virtual assets hub since last year. On June 1, it rolled out a new virtual asset trading platform (VATP) regime, allowing virtual asset providers to serve retail investors if they become licensed by the SFC.