Hong Kong Hang Seng Bank's Director of Commercial Banking, Lin Yansheng, confirmed that the bank will allow enterprises to open simple accounts after obtaining approval-in-principle (AIP) virtual asset licenses from the Securities Regulatory Commission. This move aligns with the Hong Kong Monetary Authority's urging for banks to positively engage with virtual asset developments.
Hong Kong's Hang Seng Bank, following guidelines from the Hong Kong Monetary Authority (HKMA), is taking a positive stance towards the development of virtual assets. The bank will now allow businesses to open simple accounts after receiving approval-in-principle (AIP) licenses for virtual assets from the Securities Regulatory Commission.
The HKMA's encouragement for banks to be more receptive and proactive in dealing with virtual assets serves as an important step forward for the industry. This would accommodate businesses operating within cryptocurrency and blockchain domains in managing their financial needs through recognized banking institutions.
Hang Seng Bank's Director of Commercial Banking, Lin Yansheng, however, noted that they have not received many inquiries for these services, as obtaining AIP approval can be a challenging process for businesses. The development is nonetheless a significant move, reflecting the evolving landscape of regulatory support and integration for virtual assets and cryptocurrencies in the financial sector, particularly in Hong Kong.
