Swiss bank SEBA has received initial license approval from the Hong Kong Securities and Futures Commission (SFC).

The initial approval from the financial authority will allow the entity to operate in the cryptocurrency industry. The company can provide advisory services in the cryptocurrency industry and products such as over-the-counter derivatives.

Amy Yu, CEO Asia Pacific of SEBA Hong Kong, explained that Hong Kong has great potential thanks to the new approvals that local financial regulators are currently giving.

She added that while China currently faces a ban on the cryptocurrency industry, Hong Kong is positioning itself as a strategic location.

SEBA is the Hong Kong arm of the crypto-friendly Swiss bank SEBA Bank. The entity assists companies by providing financial advice and crypto asset management advisory services.

Swiss SEBA Bank works with traditional banking and crypto services in Switzerland, providing services such as lending, staking, trading, and more.

The entity’s approval comes at a time when Hong Kong is trying to become one of the most important cryptocurrency hubs in the region. Recently, cryptocurrency companies such as HashKey, among others, have secured approvals for operating licenses in the city.