Hong Kong Authorities Urge Three Major Banks to Embrace Crypto Exchanges

[Sophie Robert]

The Hong Kong Monetary Authority (HKMA) is pressuring HSBC, Standard Chartered, and the Bank of China to consider taking on crypto exchanges as clients, according to persons with knowledge of the situation and a letter. 

Hong Kong is actively evolving as a cryptocurrency hub

As proven by the Securities and Futures Commission (SFC) of Hong Kong beginning to accept applications for licences for crypto trading platforms on June 1, Hong Kong has recently demonstrated ambitions to establish itself as a significant global crypto hub.

It is worth noting that the HKMA’s discussion with the three banks in question addressed why they had not yet embraced crypto exchanges as clients.

Stay tuned here, to check out what will be the further comments from these bank on this matter. Will there be any policies and industry developments?