News - Hong Kong authorities call for crypto-friendly environment

By Mike Hesp

Hong Kong authorities call for crypto-friendly environment

Hong Kong banks should not create obstacles for digital asset customers. The financial metropolis remains a crypto-friendly exchange rate product.

De Hong Kong Monetary Authority (HKMA) called on local banks to not to lump digital asset customers together when it comes to anti-money laundering.

They should not make it unnecessarily difficult for crypto owners to open an account and should take a "risk-based approach" to conducting due diligence.

In the appeal, the authority refers to a government statement issued last October. It clearly states the objective of promoting the "sustainable and responsible development of the virtual asset sector" in Hong Kong.

The HKMA expects that with the introduction of the regulatory framework, virtual asset providers (VASPs) "will be able to successfully apply for bank accounts through a reasonable process."

Hong Kong wants to remove regulatory stumbling blocks to cryptocurrency development. In the US, the opposite is true. Pressure from authorities could cause some crypto companies to migrate.

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