SEBA Bank obtains in-principle approval from Hong Kong

The approval allows the crypto bank to engage in regulated activities in the city.

Hong Kong’s Securities and Futures Commission (SFC)  has granted SEBA Bank an approval-in-principle (AIP) for its licence application to engage in regulated activities in the city.

The activities include dealing in securities, advising on securities and virtual assets, and conducting asset management for discretionary accounts in both traditional securities and virtual assets.

“Obtaining an AIP is the first step in SEBA Hong Kong’s path to acquiring an official licence that will allow it to operate as a licensed entity once all the SFC conditions have been met,” the crypto bank said.

“The AIP marks a significant leap forward in SEBA group’s mission to secure the future of the global crypto economy and, in turn, validates SEBA Hong Kong’s position in the market as a trusted and regulated partner,” SEBA added.

Once SEBA obtains its licence, the crypto bank will become part of the “first group of licensed corporations in Hong Kong to conduct investment services with crypto capabilities in the market.”