Hong Kong is taking steps to position the city as a hub for digital assets as the city's regulators plan to host a roundtable discussion among cryptocurrency companies. encrypt and à banker on april 28.
Notable events: The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) are jointly organizing the session "to facilitate direct dialogue" and "share experiences and practical perspective on opening and maintaining a bank account," Bloomberg reported.
Hong Kong has been skeptical of the cryptocurrency industry for years but recently the city revealed plans to transform itself into a hub for digital assets and Web3 companies.
The industry has struggled with the challenge of establishing suitable banking relationships, including basic needs such as payroll accounts, due to strict know-your-customer (KYC) regulations and anti-money laundering.
A series of recent failures of crypto-friendly US banks such as Silicon Valley Bank has added to the difficulty of finding banks for some companies.
However, Chinese state-owned creditors are increasingly showing interest in this area. This is actually quite a surprise because China has banned most cryptocurrency-related activities.
While the HKMA and SFC did not comment further on any details, they did confirm a dialogue with relevant parties.
Why this event matters: The roundtable discussion aims to "enable financing for the sector" and establish Hong Kong as a digital asset hub that will create opportunities for crypto companies Chemists and bankers share experiences and perspectives, especially on the challenges of opening and maintaining bank accounts.
This dialogue is important in promoting better understanding between the two industries and improving banking relationships within the industry.
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