Hong Kong authorities urge banks to support licensed crypto companies
The city will introduce a new regulatory regime for such platforms starting June 1
28.04.2023 - 10:20
278
3 min
0
What’s new? Representatives of the Hong Kong Monetary Authority (HKMA) urged financial institutions to provide services to regulated cryptocurrency companies. They explained that licensed firms have a “legitimate need for bank accounts” in the city. In a statement, the HKMA also recommended that banks train staff and form dedicated teams to support the digital asset sector while avoiding a “wholesale de-risking approach” that turns away new industries or certain nationalities.
What else is known? The Hong Kong authorities intend to allow retail investors to trade major cryptocurrencies such as BTC and ETH as part of a new crypto platform licensing regime due to be introduced on June 1.
In March, Hong Kong units of China’s Bank of Communication, Bank of China, and Shanghai Pudong Development Bank began exploring opportunities to provide services to local digital asset-oriented companies, and in April the city’s largest bank, ZA Bank, already began servicing such firms.
TRON and Huobi CEO hints at the release of a stablecoin pegged to the Hong Kong dollar
Previously, Justin Sun stated that Hong Kong is ready to become the leading crypto hub in Asia
The HKMA, the Central Bank, and the Securities and Futures Commission (SFC) will hold a roundtable discussion for banks and virtual asset platforms to exchange views on account opening and other useful information on April 28. HKMA Deputy Chief Executive Arthur Yuen reported this.
Earlier, the Hong Kong authorities allocated $50 million to develop the Web 3.0 ecosystem. At the time, Hong Kong Financial Services and the Treasury Bureau (FSTB) Secretary Christian Hui said the city is “well-positioned” to become a leading Web 3.0 hub in Asia and beyond.
Useful material?
Mining
Along with this, the company will reduce non-mining business units
Nov 8, 2024
Market
Earlier, Trump promised to include the first cryptocurrency in the country’s reserves if re-elected as president
Nov 7, 2024
Incidents
According to the publication, the platform’s activities fall under the definition of gambling
Nov 7, 2024
Market
According to the founder of TRON, the leading US crypto exchange asked for several hundred million dollars for the listing of TRX
Nov 4, 2024
Incidents
The company conducted fictitious trading for six years to inflate the trading volume of tokens of several companies, receiving payment for these services
Nov 1, 2024
Market
1,5 million addresses have already left applications
Oct 31, 2024