SABA Bank Plans to Introduce a new crypto currency
2022.12.05 07:11
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SABA Bank Plans to Introduce a new crypto currency
Budrigannews.com – Two companies specializing in digital assets will collaborate to accelerate institutional adoption of digital assets in light of the crypto winter’s slowdown. The crypto-focused SEBA Bank announced to
Cointelegraph that it had partnered with the financial services company HashKey Group to speed up the institutional adoption of digital assets in Hong Kong and Switzerland.
The two businesses intend to develop a variety of solutions for institutional investors looking to enter the cryptocurrency ecosystem. Both businesses stated that they adhere to various regulatory frameworks and are committed to compliance within their respective jurisdictions.
According to SEBA Bank CEO Franz Bergmueller, Hong Kong is a leading jurisdiction when it comes to licensing crypto products and services. SEBA Bank wants to use HashKey to expand its presence in the country and enter the local digital asset ecosystem as a result.
An executive at HashKey, Michel Lee, emphasized that the company takes a “regulatory-first approach,” which indicates that it is focused on compliance. According to Lee, SEBA Bank is excited about the partnership because they operate in the same way.
The Securities and Futures Commission (SFC) in Hong Kong recently granted HashKey Group permission to conduct business there.In contrast, in 2021, the SEBA Bank became the first Swiss institution to receive a digital asset custody license that enables it to provide institutional custody services.
Related: Cryptocurrency custody in institutions:How banks are storing digital assets In light of the recent waves caused by the FTX scandal, institutional investors anticipate that regulatory scrutiny of the cryptocurrency industry will grow. Cointelegraph recently heard from key institutional players in the sector that institutions have been anticipating this. Hedge funds have been preparing digital asset teams, according to some investors, but the lack of regulatory clarity is holding them back.
Nasdaq, an American stock exchange, began making preparations to provide institutions with custody options on September 20.The business set up a group to provide institutional Bitcoin (BTC) and Ether (ETH) custody services, according to a report.
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