Bitcoin News: Bitcoin (BTC), the world’s largest digital asset price went on to recover from 2022’s lows to regain the crucial $30K price level in the presence of erupting banking crisis. However, Hong Kong which is aiming to become a new crypto hub for the globe will be issuing an advisory for the banks regarding cryptocurrency.
Also Read: Hong Kong Regulator To Release Crypto Exchange Rules; Will US SEC Follow?
Hong Kong To Frame Crypto Easy Rules?
According to Hong Kong Monetary Authority release, the institution has had discussions with banks and clarified that there is no such legal and regulatory requirement that prohibits banks from providing banking services to virtual assets (VA).
It added that Banks have been informed to cling to a “risk based approach” at the time of managing customer due diligence (CDD). It is advised to avoid unnecessary procedures and desist from adopting a “one-size-fits-all” approach to dismiss crypto related applications.
The Hong Kong Monetary Authority mentioned that as the pandemic comes to an end, several companies are keen to relocate and open bank accounts in the country. It is estimated that the banks might face an increase in demand for accounting opening applications. However, it is also expected that the banking institutions might reject applications due anti-money laundering (AML) reasons. Read More Bitcoin News Here…
Also Read: Cardano Price Surges While Altcoins Shrink; Here’s Why
However, it is advised to the banks to differentiate in the level of risks involved to users and then apply proportionate CDD rules.
Bitcoin price recovered from the $19K level to regain the $30K level amid the banking crisis. BTC price is up more than 74% on the year to date (YTD) basis. It is expected that Hong Kong’s Central Bank advisory will lead investors seeking regulatory clarity to enter crypto.
- World Liberty Financial Discloses Reason for Blacklisting 272 Wallets
- September 50 BPS Fed Rate Cut Odds Climb Ahead of CPI, PPI Data
- Michael Saylor Spotlights Strategy’s Performance Following S&P 500 Snub
- Donald Trump Shortlists Hassett, Warsh, and Waller for Fed Chair
- Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
- ETH Price Forecast as Grayscale’s Covered Call Ethereum ETF Spurs Optimism — Is $8,500 in Sight?