The Switzerland-based financial institution that focuses on cryptocurrencies – SEBA Bank – has reportedly secured an approval-in-principle from Hong Kong’s securities regulator. 

The company now needs to comply with additional conditions for final approval before being eligible to provide digital asset services to local consumers. 

One Step Away From Offering Crypto Services

Based on a Bloomberg coverage, the Hong Kong Securities and Futures Commission intends to grant the Swiss organization an authorization to engage in securities dealing, such as providing crypto-related structured products and managing digital assets, once it meets necessary regulatory requirements. 

SEBA Bank offers both traditional finance services and such involving cryptocurrencies. It can act as a custodian, while clients are also able to stake Ethereum (ETH), Polkadot (DOT), and Tezos (XTZ). 

Amy Yu – Asia Pacific Chief Executive Officer at the company – said SEBA Bank has seen an increasing demand for derivatives from cryptocurrency firms seeking to hedge their positions. 

She added that the interest in structured products is also high, claiming that the final approval from Hong Kong’s regulators should come by the end of 2023. 

The exec explained that SEBA Bank will aim to aid local crypto firms that lack brokerage services, suggesting those are “generally not as connected with traditional financial markets providers.” 

As CryptoPotato