Hong Kong Regulators to Facilitate Meeting Between Crypto Firms and Banks Next Month
 
 While regulators in the US have been tightening their grip over the crypto sector, Hong Kong is making a push in crypto looking at potential opportunities ahead. The latest development shows that Hong Kong regulators will be convening a meeting between HK-based crypto firms and bankers to ease the financing for the overall sector.
According to the details of the event accessed by Bloomberg, the roundtable shall happen next month on April 28th at the Hong Kong Monetary Authority which will facilitate “direct dialogue” and “share practical experiences and perspectives in opening and maintaining bank accounts”.
The HKMA and the Securities and Futures Commission will jointly hold the sessions, reported Bloomberg. These two are the same regulators that oversee crypto exchanges as well as stablecoins.
After several years of skepticism, Hong Kong took the plunge last year in September 2022 to become the center of crypto and Web3 firms in Asia. Since then, it has been actively working in this direction despite major crashes and bankruptcies over the last few months.
The biggest challenge ahead for HK regulators is establishing banking relationships and offering corporate accounts to crypto firms with proper KYC and AML rules.
Chinese Banks Helping Hong Kong-based Crypto Firms
Amid the banking crisis that unfolded in the US earlier this month, regulators have asked banks to reduce their crypto exposure. Rising up to the occasion are banks from mainland China that are extending help to Hong Kong-based crypto firms.
Sources familiar with the matter said that “the Hong Kong arms of Bank of Communications Co., Bank of China Ltd. and Shanghai Pudong Development Bank have either started offering banking services to local crypto firms or have made inquiries to the field”.
This shows that despite its ban on crypto trading a few years ago, China still continues to maintain interest in the emerging crypto sector.
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
 
					
					
					  
                                                                                                                                                                     
                                                                                                                                                                     
                                                                                                                                                                     
                   
                   
                   
                   
                   
  
                                
  
                         
                     
                   
                   