According to CryptoPotato, Switzerland-based SEBA Bank has secured an approval-in-principle from Hong Kong's securities regulator. The bank must now comply with additional conditions for final approval before being eligible to provide digital asset services to local consumers. The Hong Kong Securities and Futures Commission intends to grant the Swiss organization 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 those involving cryptocurrencies, acting as a custodian and enabling clients to stake Ethereum, Polkadot, and Tezos. The bank has seen increasing demand for derivatives from cryptocurrency firms seeking to hedge their positions, as well as interest in structured products. Final approval from Hong Kong's regulators is expected by the end of 2023. SEBA Bank plans to focus on high-net-worth individuals and family offices, with Singapore potentially being the next destination for its Asian expansion.