The post Hong Kong Authorities Urge Three Major Banks to Embrace Crypto Exchanges, Reveals Report appeared first on Coinpedia Fintech News
According to sources familiar with the matter and a letter, the Hong Kong Monetary Authority (HKMA) is applying pressure on HSBC, Standard Chartered, and the Bank of China to consider accepting crypto exchanges as clients.
The Financial Times reported that in a letter dated April 27, the HKMA highlighted the importance of conducting due diligence on potential customers without creating an undue burden, especially for those seeking business opportunities in Hong Kong.
Hong Kong Playing Positive to Evolve as a Crypto Hub
Hong Kong has recently shown aspirations to become a prominent global crypto hub, as evidenced by the acceptance of applications for crypto trading platform licenses by its Securities and Futures Commission (SFC) starting June 1.
Certain lawmakers from Hong Kong are demonstrating a more receptive stance towards crypto firms. On Ju
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