- In particular, a request from the HKMA was received by HSBC and Standard Chartered
- The regulator “asked” them to explain the reasons for the denial of service to crypto companies
- Interestingly, in the United States, the authorities take a completely different course.
- Previously, the Republicans even stated that the FDIC and OCC are deliberately “isolating” the segment
The Hong Kong Monetary Authority (HKMA) has approached two major banks with a “request” to clarify what caused the refusal to service the cryptocurrency business. The department emphasized that counterparty prudence should not create an “excessive burden” for companies that plan to enter the local market.
We are talking about HSBC and the British Standard Chartered Bank. The portal reports FT citing three different sources familiar with the situation.
Based on available data, the HKMA sent a request to these companies last month. The results of the negotiations are not yet known.
As a reminder, from June 1, Hong Kong has a licensing regime for virtual asset service providers (VASPs). Many exchanges have already opened a representative office here or are planning to do so in the near future.
Interestingly, the local regulator supports the integration of the cryptocurrency sector into traditional finance. At the same time, for example, in the United States, banks were given to understand that they should not get involved with this business. Earlier, we wrote that the FDIC and OCC were suspected of deliberately “isolation” of the cryptocurrency segment. You can read more about this in our material.