SEBA Bank’s Hong Kong subsidiary succeeded in grabbing in-principle approval from the Hong Kong Securities and Futures Commission (SFC).
Swiss bank SEBA Bank is a cryptocurrency firm that provides a seamless, secure, and easy-to-use bridge between digital and traditional assets.
On 30 Aug 2023, SEBA Hong Kong announced that it received in-principle approval from the Hong Kong Securities and Futures Commission (SFC) that will allow it to deal with crypto services & other crypto companies in Hong Kong jurisdictions.
In an interview with popular crypto news media Cointelegraph, the Asia-Pacific CEO of SEBA Hong Kong Amy Yu said that the latest regulatory approval from the SFC unlocked huge potential for the company to conduct services in this innovative sector under a better legal framework.
Amy Yu further added:
“Hong Kong may once again serve as a gateway to China, delivering the significant potential of cryptocurrencies and blockchain technology.”
SEBA executive also explained that the entry of SEBA in the Hong Kong crypto market with this license will solve several challenges that big crypto companies are facing.
It is worth noting that Hong Kong is a special administrative region of China. The Hong Kong authorities are continuously in favor of the crypto sector. China imposed a blanket ban on this innovative sector in late 2021.
The majority of the crypto companies are continuously increasing their expansion in Hong Kong and huge numbers of crypto companies filed their application with the SFC.
The Hong Kong government officials are also giving invitations to big crypto companies like Coinbase to set up their global headquarters in Hong Kong. With the crypto adoption, the Hong Kong authorities are also trying their best to push the digital innovations in the financial sector via the involvement of blockchain technology.
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