Some of China’s state-owned banks are welcoming crypto activities in Hong Kong and partnering with companies.
Hong Kong’s drive to become a crypto hub has created an opportunity not only for crypto companies, but for many government-affiliated banks in China. Chinese banks have begun to forge partnerships and prioritize regulated crypto companies in Hong Kong, despite extensive services for crypto-related activities in China. He noted that the Hong Kong branch of the Chinese state-owned Communication Bank is collaborating with several cryptocurrency businesses registered in the city. According to other news on the subject, the bank is in talks to open an account on behalf of the companies subject to inspection.
Banking Activities Accelerate
ZA Bank, Hong Kong’s largest virtual bank, controlled by Chinese internet insurance company ZhongAn Online P&C Insurance, will act as clearing services for crypto companies. In addition, ZA Bank will facilitate the investment and withdrawal transactions of fiat currencies together with banks.
In addition to providing account services to cryptocurrency businesses, these banks will serve as settlement banks to enable withdrawals of token deposits in Hong Kong dollars, Chinese yuan and US dollars on authorized exchanges. Hong Kong, which has gained momentum in recent weeks with its crypto services, continues to be involved in the crypto industry globally.
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