Mar 27, 2023
HK Regulators to Host Meeting to Help Crypto Firms With Banking
(Bloomberg) -- Hong Kong regulators are convening a meeting between crypto firms and bankers in a bid to ease financing for the sector as the city seeks to establish itself as a hub for virtual assets.
The round-table will take place on April 28 at the Hong Kong Monetary Authority “to facilitate direct dialog” and “share practical experiences and perspectives in opening and maintaining bank accounts,” according to details of the event seen by Bloomberg News. The session will be held jointly by the HKMA and the Securities and Futures Commission, the two regulators overseeing stablecoins and crypto exchanges.
After years of skepticism toward the sector, Hong Kong last year unveiled a plan to make itself as a center for digital assets and so-called Web3 firms. But the sector faces difficulties in establishing proper banking relationships for even basic needs such as payroll accounts because of stringent know-your-customer and anti-money laundering rules.
A recent collapse in a string of US crypto-friendly banks has added difficulties in finding banking for some firms. Even so, one recent bright-spot has been a growing interest among Chinese state-owned lenders in the sector, which has come as a surprise to the industry since China has banned most crypto-related activities, Bloomberg News reported earlier.
Spokespeople at HKMA and SFC said they wouldn’t comment on any details, but added that they are maintaining dialog with stakeholders.
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