Crypto companies establishing in Hong Kong forward of a brand new licensing regime for crypto exchanges in June have reportedly discovered some surprising allies within the area — Chinese language state-owned banks.
In keeping with a March 27 report from Bloomberg, Chinese language banks together with Shanghai Pudong Improvement Financial institution, the Financial institution of Communications Co., and Financial institution of China Ltd. have both began providing banking providers to crypto companies in Hong Kong or made inquiries with crypto companies, in accordance with “folks with information of the matter.”
One supply claims {that a} Chinese language financial institution gross sales consultant even visited a crypto agency’s most important workplace to pitch banking providers. That is all regardless of an ongoing crypto ban in China.
Cointelegraph reached out to Shanghai Pudong Improvement Financial institution, the Financial institution of Communications Co., and Financial institution of China Ltd for additional remark, however didn’t obtain a reply earlier than publication.
Requested for remark, Julia Pang, Head of Banking Relations at Hong Kong-based crypto buying and selling platform OSL informed Cointelegraph that her agency welcomed “rising curiosity from Chinese language banks in partaking with the regulated crypto trade.”
“This growth is encouraging for each the trade and the broader ecosystem, because it demonstrates a maturing understanding of the crypto sector by conventional monetary establishments,” she mentioned.
A spokesperson for the agency mentioned they could not presently present a touch upon whether or not the agency had been approached by any state-owned Chinese language banks.
Associated: Hong Kong needs to change into crypto hub regardless of trade disaster
In October final yr, the federal government of Hong Kong floated the concept of introducing its personal invoice to control crypto, and Hong Kong’s Securities and Futures Fee (SFC) launched a proposal for a regime for cryptocurrency exchanges on Feb. 20, set to take impact in June.
Christopher Hui, Secretary for Monetary Providers and the Treasury Bureau, delivers the opening keynote and reinforces HK authorities’s imaginative and prescient to develop the digital asset sector in Hong Kong.
He mentions Net 3 presents a paradigm shift to the web period. pic.twitter.com/9MGkWOCj0O— Everest Ventures Group (EVG) (@EVG_Ventures) March 20, 2023
In keeping with a Feb. 20 report, additionally it is understood that representatives from the China Liaison Workplace have been frequenting Hong Kong crypto gatherings.
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