Swiss Bank SEBA gets Hong Kong SFC License
SEBA received its in-principle approval in August, and has now received the full licence.
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SEBA received its in-principle approval in August, and has now received the full licence.
Hong Kong explores the benefits of e-HKD in its digital currency pilots, stresses caution in further implementations.
When the licence is issued, SEBA will be able to offer crypto investment services to customers.
Upon final approval, SEBA will join the pioneer group of licensed entities in Hong Kong that will provide services for crypto investments.
Essentially, these licenses act as official permits that allow Binance, the largest cryptocurrency exchange globally, to operate within the country while following the rules set by the government.
This shift has garnered considerable interest, especially when compared to the digital-asset crackdown in the United States. However, despite the enthusiasm, the city has yet to attract major investments from an industry still recovering from the market downturn last year.
Hong Kong will introduce a mandatory licensing regime for stablecoin issuers as early as this year.
At this year's Hong Kong Fintech Week, the Hong Kong Special Administrative Region Government issued the "Policy Declaration on the Development of Virtual Assets in Hong Kong" (hereinafter referred to as the Policy Declaration), expounding its policy stance and guidelines for the development of the virtual asset industry and ecosystem.
The mobile-first cryptocurrency exchange recently received regulatory approvals to operate in Greece, Singapore and Dubai.
With the new operational license in Abu Dhabi, Kraken aims to provide access to global liquidity to local investors via dirham trading pairs.