HomeTechnologySEBA Hong Kong Receives In-Precept Approval from SFC

SEBA Hong Kong Receives In-Precept Approval from SFC

SEBA Hong Kong, the Hong Kong arm of the crypto-friendly Swiss-based financial institution SEBA Financial institution, introduced it acquired in-principle approval from the Hong Kong Securities and Futures Fee (SFC).

 The Hong Kong department of the Swiss SEBA Financial institution introduced it was granted preliminary approval from the SFC, which permits it to deal in digital property. 

SEBA Hong Kong Completes First Step to Buying Official License

Right now, SEBA Financial institution introduced in a press launch its Hong Kong subsidiary, SEBA Hong Kong, acquired approval-in-principle (AIP) from the SFC. 

In response to its press assertion, the AIP for its license software to function regulated actions within the city-state permits it “to deal in securities, including virtual assets-related products, such as OTC derivatives and structured products; advise on securities and virtual assets; and conduct asset management for discretionary accounts in both traditional securities and virtual assets.”

SEBA defined that the license, when issued, permits SEBA Hong Kong to affix the primary group of licensed firms in Hong Kong to supply funding companies with crypto capabilities. Receiving an AIP is the primary important step in SEBA Hong Kong’s journey to acquiring an official license “that will allow it to operate as a licensed entity once all the SFC conditions have been met.” 

Amy Yu, CEO APAC of SEBA Hong Kong, commented:

“It is exciting to be at the forefront of innovation in one of the world’s leading financial and technological centres, Hong Kong. This AIP signifies that all our efforts are heading in the right direction –– SEBA group wants to service crypto investors in jurisdictions that recognise the value of digital assets.

We see enormous potential in Hong Kong’s journey to becoming a global crypto market leader and look forward to contributing to that trajectory. SEBA Hong Kong commends the example Hong Kong sets for regulatory standards worldwide, and values the role of this licence in expanding our regulated footprint across Asia Pacific.” 

Franz Bergmueller, Group CEO of SEBA Financial institution, commented on the importance of acquiring an AIP:

“SEBA Hong Kong’s AIP is a reflection of our team’s commitment towards compliance and due diligence — essential pillars of tomorrow’s digital economy. Complementing SEBA group’s established licences in Switzerland (FINMA) and Abu Dhabi (FSRA), the Hong Kong AIP significantly extends our global regulatory footprint. SEBA group aligns itself with the Hong Kong government and its financial regulators in facilitating an environment that supports the responsible growth of the digital assets industry.” 

Hong Kong Works Towards Changing into a Crypto Hub

Hong Kong introduced its intention to turn into a hub for digital property and has launched a number of new measures to draw crypto corporations to its shores. The town-state launched new laws for the business, which took impact in July. 

HashKey Trade grew to become the primary licensed crypto change in Hong Kong underneath its newly carried out regulatory framework. The change upgraded its kind 1 and sort 7 licenses, permitting it to serve retail prospects. 

Disclaimer: This text is offered for informational functions solely. It’s not supplied or supposed for use as authorized, tax, funding, monetary, or different recommendation.

Supply: https://cryptodaily.co.uk/2023/08/seba-hong-kong-receives-in-principle-approval-from-sfc

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