On 29 August, the Hong Kong regulator granted preliminary approval to the local arm of SEBA Bank, a Switzerland-based crypto-friendly bank.Hong Kong’s regulator, the Securities and Futures Commission (SFC), granted an in-principle approval to the bank’s unit in the country. It authorizes the bank to deal in securities, including crypto-related products such as over-the-counter (OTC) derivatives and structured products. The bank can also give financial advice on securities and virtual assets, and offer asset management for discretionary accounts in both traditional securities and crypto assets. It expects to acquire the complete license by the last quarter of this year.