Is Hong Kong positioning itself as an Eldorado for crypto businesses? That’s what seems to be emerging, according to a new report. The independent territory would have indeed forced its banks to accept customers linked to cryptocurrencies. What is happening there?
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Hong Kong pressures its banks to accept crypto companies
A Financial Times report says several major global banks, including HSBC and Standard Chartered, have been contacted by Hong Kong regulators. The latter increased the pressure, so that banks accept customers linked to cryptos. It is in particular the Hong Kong Monetary Authority which has changed its discourse since last month.
According to an anonymous source interviewed by the FT, the resistance of local banks is very real:
“The Monetary Authority encouraged banks not to be afraid. There is resistance from a conventional banking perspective. We are seeing some resistance from senior executives in traditional banks.»
Banks’ prudence should, according to the Autorité, stop at the verifications in force, and not at an opposition in principle. As we know, traditional banks are often reluctant to take clients linked to cryptocurrenciesfor fear of getting caught up in legal cases.
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Hong Kong, a new El Dorado for cryptocurrencies?
But for Hong Kong, the sector represents an opportunity… Particularly at a time when the US campaign against the industry is particularly aggressive. In recent days, Hong Kong has invited Coinbase to settle in its territory, to escape the SEC.
Since June 1, retail investors in Hong Kong have also been able to acquire cryptocurrencies – a significant step for a territory which until then did not allow its residents to obtain them. Moreover, this is part of a fundamental strategy : at the end of March, Hong Kong indeed revealed a cryptocurrency investment fund representing 100 million dollars.
From where this new status of “eldorado of cryptos” which seems to be starting to emerge for Hong Kong. At a time when more and more companies are expressing their desire to leave the United States, this is redistributing the cards.
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Source: Financial Times
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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