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SEBA Bank receives approval-in principle for virtual assets in Hong Kong
August 30, 2023
The Securities and Futures Commission in Hong Kong has given approval-in-principle to SEBA Bank to provide virtual assets services in the region. Once it gains official approval, the bank will be able to provide crypto-related products and securities, and advise on managing digital assets, according to a report by Reuters.
In June, Hong Kong introduced a framework to regulate cryptocurrencies and require all exchanges and trading platforms to obtain licenses. The city did this in the aftermath of the collapse of FTX.
As soon as SEBA is officially licensed, it may begin operations.
"Hong Kong may once again serve as a gateway to China, delivering the significant potential of cryptocurrencies and blockchain technology," Amy Yu, CEO of SEBA Hong Kong, said in a report by Coin Telegraph.
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