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Hong Kong Crypto Firms See Support From Chinese Banks

Tris Bell

Summary: Crypto firms setting up in Hong Kong ahead of a new licensing regime for crypto exchanges have seen overwhelming support from Chinese state-owned banks. According to a report from Bloomberg, many Chinese banks, including Shanghai Pudong Development Bank, the Bank of Communications Co., and Bank of China Ltd. have offered their services to crypto firms ...

Crypto firms setting up in Hong Kong ahead of a new licensing regime for crypto exchanges have seen overwhelming support from Chinese state-owned banks.

According to a report from Bloomberg, many Chinese banks, including Shanghai Pudong Development Bank, the Bank of Communications Co., and Bank of China Ltd. have offered their services to crypto firms in Hong Kong despite an ongoing crypto ban in China.

“This development is encouraging or both the industry and the broader ecosystem, as it demonstrates a maturing understanding of the crypto sector by traditional financial institutions,” Head of Banking Relations at Hong Kong-based crypto trading platform OSL Julia Pang said.

Hong Kong began entertaining the idea of introducing a crypto regulation bill in October last year. Hong Kong’s Securities and Futures Commission released a proposal for a crypto licensing regime on Feb. 20, set to take effect in June.

Author: Tris Bell

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