The banking industry has been requested by the Hong Kong government to consider crypto clients in an attempt to reach out to the crypto space.
The Hong Kong government has continued its positive outreach toward the crypto industry with a major decision involving banking. The Hong Kong Monetary Authority (HKMA) has requested major banks to accept crypto clients to enable the firms to access quality banking services.
These banks include Standard Chartered and HSBC, while the HKMA also asked the Bank of China to give access to crypto clients. In April 2023, the HKMA issued a letter to the banking industry on similar lines, asking them to be more ambitious towards crypto clients and support the emerging sector.
“In particular, AIs should endeavor to support virtual asset service providers (VASPs) licensed and regulated by the Securities and Futures Commission (SFC) on their legitimate need for bank accounts in Hong Kong,” the HKMA had said in the letter.
Leading banks have also responded to the requests in front of the media, implying they were regularly engaging with the crypto industry to exchange points of discussion. While the Hong Kong government has been adopting the pro-crypto stance, several countries around the world are going through mixed opinions on crypto regulation.
Developed economies like the United States have ongoing legal tussles between crypto firms and regulators, sending mixed signals to industry stakeholders.
At this stage, the Hong Kong government’s actions could bode well for crypto firms worldwide.