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Hong Kong grants SEBA Financial institution in-principle approval for crypto buying and selling

by CoinVeem

The Hong Kong department of SEBA Financial institution has acquired an in-principle approval from the Hong Kong Securities and Futures Fee (SFC) to supply digital asset buying and selling providers within the jurisdiction, the Swiss crypto-focused lender announced on Wednesday.

See associated article: Hong Kong to open crypto to retail traders, plans guardrails

Quick information

  • The SFC’s approval — when totally granted — will enable SEBA Hong Kong to supply regulated crypto providers together with over-the-counter derivatives, recommendation, and account administration.
  • “SEBA Hong Kong commends the instance Hong Kong units for regulatory requirements worldwide, and values the function of this licence in increasing our regulated footprint throughout Asia Pacific,” Amy Yu, the Asia-Pacific Chief Government Officer of SEBA Hong Kong, stated within the Wednesday announcement.
  • The in-principle approval granted to SEBA Hong Kong marks one other crypto milestone for the jurisdiction. In June, a brand new crypto licensing regime set out a regulatory framework for exchanges and commenced granting licences for retail buying and selling providers.
  • SEBA Financial institution has a longstanding curiosity in Hong Kong. The Financial institution established its workplace there in November 2022 as a part of its Asia-Pacific growth efforts.
  • Previous to SEBA Financial institution, native crypto exchanges HashKey and OSL received their very own licence upgrades from the SFC in early August. These upgrades made them the primary crypto exchanges permitted for retail providers in Hong Kong.
  • Weeks after receiving the upgraded licence, HashKey launched its retail providers on Monday. The platform at present solely permits buying and selling of Bitcoin, Ether and the USDT stablecoin, though HashKey said it plans to introduce extra tokens relying on future laws.

See associated article: Global shifts in crypto capital are underway. Here’s where the money is going

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