Bitcoin Bull Run Imminent? Hong Kong Central Bank Issues Crypto Advisory For Banks
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.
- Galaxy Digital CEO Calls Next Fed Chair Bitcoin’s Bull Catalyst, Sets $200K BTC Target
- Experts Claim Bitcoin Crash to $94,334 Ahead As BTC Dominance Rebounds
- Expert Explains Pi Network–Sign Meeting, Says It Could Trigger Binance Listing
- Is Trump Family, Mr. Beast Buying ASTER Token? Rumors Gain Strength
- Solana ETF Update: Grayscale, Fidelity, Others Files S-1 With Staking, Approval Expected in Two Weeks
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
