The Hong Kong branch of cryptocurrency-focused Swiss bank SEBA has gained preliminary approval from Hong Kong's Securities and Futures Commission (SFC).

SEBA Hong Kong's attainment of an Approval-in-Principle (AIP) for its license application paves the way for its participation in regulated activities within the region.

Upon final approval, SEBA will join the pioneer group of licensed entities in Hong Kong that will provide services for crypto investments.

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

"We see enormous potential in Hong Kong's journey to becoming a global crypto market leader and look forward to contributing to that trajectory.".

Yu has communicated that the branch expects to secure its complete license during the fourth quarter of this year, contingent upon meeting specific requirements and internal protocols outlined by the SFC.

Furthermore, SEBA is actively considering the possibility of expanding its operations into other cryptocurrency hubs within the region, such as Singapore.

Hong Kong Increasingly Favourable Towards Crypto

Earlier in the present year, Hong Kong authorities initiated a licensing framework and removed restrictions on retail crypto trading in May, signalling their intent to establish a more prominent presence in the cryptocurrency landscape.

Coinlive previously reported on how Hashkey received its crypto license from the SFC.

As of reporting, the SFC's list of licensed cryptocurrency platforms includes only HashKey and OSL Exchange.

Following this move, the jurisdiction's banking regulator reportedly encouraged major banks to consider engaging with cryptocurrency exchanges as clients, coinciding with the introduction of a comprehensive regulatory structure aimed at fostering innovation.