The Hong Kong government is strict with banking giants in accepting crypto clients.
He asked why Hong Kong’s central bank did not accept major banks such as HSBC, Standard Chartered and Bank of China as clients of cryptocurrency exchanges. The Hong Kong Monetary Authority (HKMA), which serves as the region’s central bank and regulator, is reportedly putting pressure on major banks, including HSBC and Standard Chartered, to accept crypto exchanges as clients.
Hong Kong Appears Stable in Crypto Studies
According to a report published on the subject, HKMA questioned Bank of China as well as UK-based companies at a meeting in May, asking why they did not take up the issue. On April 27, the HKMA issued a circular to encourage banking institutions to follow and adopt developments in the crypto industry.
In the document, Hong Kong’s central bank specifically asked institutions to assist crypto companies, which it calls virtual asset service providers (VASPs), in gaining access to banking services. The Hong Kong government, which seems determined to work under the roof of crypto, seems to increase its activities even more in terms of the development and adoption of the sector.
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