Hong Kong Seeks to Help Crypto Firms Escape Their Exile From the Banking Sector
- City urges banks to open accounts for licensed crypto firms
- Access to banking globally is hard for digital-asset companies
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Hong Kong urged banks to provide services to licensed virtual-asset firms, part of the city’s push to become a crypto hub and a stance that contrasts with a crackdown on the digital-asset sector in the US.
Banks should support regulated virtual-asset businesses with “their legitimate need for bank accounts” in the city, the Hong Kong Monetary Authority said in a circular late Thursday signed by Deputy Chief Executive Arthur Yuen.