Hong Kong regulator urges banks to provide service to crypto firms - PingWest
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Hong Kong regulator urges banks to provide service to crypto firms
Hong Kong regulator urges banks to provide service to crypto firms
April 28, 2023 7:10 pm
The Hong Kong Monetary Authority (HKMA), the region’s central banking institution and regulator, has called on banks to provide services to cryptocurrency firms amid complaints about the difficulty of opening bank accounts.
The HKMA urged Hong Kong's institutions to keep an eye on market changes and adopt a progressive stance toward emerging markets like the cryptocurrency industry. The institutions are especially obliged by Hong Kong's central bank to assist virtual asset service providers (VASPs) in obtaining banking services.
The regulator also urged lender to avoid a "wholesale de-risking approach" that excludes new companies or particular nationalities and instead train staff and create specialized divisions to serve the crypto industry.
According to deputy chief executive of the Hong Kong Monetary Authority (HKMA) Arthur Yuen, there are no legal or regulatory requirements preventing banks in Hong Kong from offering banking services to entities connected to virtual assets (VAs).
While some significant international jurisdictions, such as the United States, have largely hampered the industry, Hong Kong has been actively luring crypto firms. Due to the government's reluctance to establish clear legislation around cryptocurrencies, several significant exchanges, including Coinbase, have thought of leaving the United States.
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