Swiss Bank, SEBA Hong Kong Branch, Gets Green Light From Regulators To Provide Crypto Investment Services

SEBA bank dapat izin dari otoritas Hong Kong untuk operasi layanan investasi kripto. (Foto; Doc. CryptoValute24)

JAKARTA - A Swiss bank that focuses on crypto assets, namely SEBA Hong Kong branch, has won preliminary approval from the Securities and Futures Commission (SFC).

SEBA Hong Kong revealed that the Approval of the Principles (AIP) granted would pave the way for them to engage in law-protected activities in the region.

After obtaining this approval, the SEBA bank will become one of a group of entities with the first license in Hong Kong to provide crypto investment services.

Amy Yu, CEO of Asia Pacific in SEBA Hong Kong, said, "We see great opportunities on Hong Kong's journey to become a global hub in the crypto market and we look forward to having a stake in this journey."

Yu also added that this regional subsidiary plans to obtain its full license in the fourth quarter of 2023. To realize the plan, SEBA still has to meet the requirements and internal protocols set by the SFC.

Not only that, SEBA is also considering expansion to other crypto centers such as Singapore, to expand its scope.

Earlier this year, authorities in Hong Kong introduced licensing systems and removed a retail crypto trading ban in May, showing Hong Kong's efforts to become a global crypto hub.

Shortly after, the banking regulatory agency in Hong Kong reportedly encouraged major banks to consider crypto exchange services for their clients. This follows the introduction of a comprehensive regulatory framework aimed at encouraging innovation in the cryptocurrency sector.