- They advised to open special crypto departments
- And don’t be afraid to work in a new field
- Hong Kong will not impose restrictions on countries and sectors
Hong Kong Monetary Authority released contacting local banks. They encouraged them to cooperate with licensed crypto companies. This is part of the city’s strategy to become a global cryptohub.
The circular states that crypto firms have the legal right to use banking services. The regulator also called on financial institutions to train staff and form special units to support the crypto sector. At the same time, they are advised to “avoid a wholesale approach to risk reduction that rejects work with new industries or certain countries.”
Recently, crypto companies around the world faced a banking problem. It began after the bankruptcy of the largest brands that worked with the blockchain sector in the US – Signature Bank and Silvergate Capital Corp. Experts have officially confirmed that the problems of these banks are not related to the crypto industry. However, new financial institutions have been slow to sign contracts with blockchain firms. Now they can count on cooperation with Hong Kong banks.
Yesterday there was another news on this topic. The SFC of Hong Kong has promised to release guidance on licensing crypto exchanges in May. And the full launch of crypto trading will take place on June 1, as planned.