Hong Kong govt pressures banking giants to accept crypto clients: Report

The Hong Kong Monetary Authority (HKMA), which serves as the region’s central bank and regulator, has reportedly put pressure on major banks including HSBC and Standard Chartered to accept crypto exchanges as clients.

According to a June 15

Meanwhile, some lawmakers from Hong Kong appear more welcoming of crypto firms.

On June 10, Hong Kong Legislative Council member Johnny Ng expressed his support for embattled crypto firm Coinbase on Twitter and went as far as inviting it to establish operations on more friendly ground.

I hereby offer an invitation to welcome all global virtual asset trading operators including @coinbase to come to HK for application of official trading platforms and further development plans. Please feel free to approach me and I am happy to provide any assistance. pic.twitter.com/bcIi1IjMlc

— Johnny Ng ??? (@Johnny_nkc) June 10, 2023

On June 1, Hong Kong enacted a new suite of crypto regulations that allowed for locally-licensed crypto firms to begin operations. From this point onwards, any firm with a valid license can service retail investors, allowing them to trade cryptocurrencies including Bitcoin (BTC) and Ether (ETH).

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