The Hong Kong securities regulator has granted SEBA Bank, based in Switzerland, an approval-in-principle, according to CryptoPotato. Before being permitted to offer digital asset services to local users, the bank must now satisfy additional requirements for final approval. Once the Swiss company satisfies the appropriate legal conditions, the Hong Kong Securities and Futures Commission expects to award it authority to engage in securities dealing, including offering structured products connected to cryptocurrencies and managing digital assets. Both conventional and cryptocurrency-related financial services are provided by SEBA Bank, which also serves as a custodian and lets customers stake Ethereum, Polkadot, and Tezos.
The bank has noticed a rise in interest in structured products as well as a rise in demand for derivatives from bitcoin firms looking to hedge their positions. By the end of 2023, regulators in Hong Kong are anticipated to give their final permission. In order to further its Asian expansion, SEBA Bank intends to concentrate on family offices and high-net-worth individuals, with Singapore as the likely next stop.