Hong Kong regulators to assist crypto firms with banking

Hong Kong regulators are convening a meeting between crypto firms and bankers in a bid to ease financing for the sector as the city seeks to establish itself as a hub for virtual assets.

By Staff

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Hong Kong is still dedicated to developing into a hub for digital assets. A meeting between cryptocurrency companies and bankers is scheduled to be held by the special administrative region’s regulators as a further move in that direction. The same aims to make funding easier for the cryptocurrency industry.

According to a recent Bloomberg report, the meeting will take place on April 28 at the Hong Kong Monetary Authority. This initiative intends to facilitate direct dialog and share practical experiences and perspectives in opening and maintaining bank accounts. Notably, the session will be held in conjunction by the HKMA and the Securities and Futures Commission.

In fact, China is also reportedly backing Hong Kong’s crypto hub vision. According to reports, officials from China’s Liaison Office have been frequent guests at Hong Kong’s crypto gatherings. Moreover, their encounters have been friendly. Additionally, officials have been checking on developments, asking for reports, and in some cases, making follow-up calls as well. 

The Bloomberg report further noted that the recent collapse in a host of U.S. crypto-friendly banks made it difficult for some firms to sign up for banking-related services. 

Nevertheless, the reportedly growing interest among Chinese state-owned lenders in the sector is a positive takeaway. Now, this is essentially unconventional, for China called for a crypto crackdown on trading in 2021. In fact, at the moment, most crypto-related activities remain prohibited there.

The representatives at HKMA and SFC did not reveal additional details. However, they are said to be maintaining dialog with stakeholders.

Recently, the Secretary for Financial Services and the Treasury, Christopher Hui, re-emphasized that Hong Kong is well-positioned to be a leading hub for Web3 in Asia and beyond. 

He added that the region continues to give great importance to virtual assets and Web3. In fact, as of the end of last month, Invest Hong Kong received expressions of interest from over 80 virtual asset-related mainland and foreign companies in establishing their presence in Hong Kong.

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