Hong Kong crypto firms seeing interest from Chinese banks: Report

Crypto firms mounting up successful Hong Kong up of a caller licensing authorities for crypto exchanges successful June person reportedly recovered immoderate unexpected allies successful the portion — Chinese state-owned banks.

According to a March 27 report from Bloomberg, Chinese banks including Shanghai Pudong Development Bank, the Bank of Communications Co., and Bank of China Ltd. person either started offering banking services to crypto firms successful Hong Kong oregon made inquiries with crypto firms, according to "people with cognition of the matter."

One root claims that a Chinese slope income typical adjacent visited a crypto firm's main bureau to transportation banking services. This is each contempt an ongoing crypto prohibition successful China.

Cointelegraph reached retired to Shanghai Pudong Development Bank, the Bank of Communications Co., and Bank of China Ltd for further comment, but did not person a reply earlier publication.

Asked for comment, Julia Pang, Head of Banking Relations astatine Hong Kong-based crypto trading level OSL told Cointelegraph that her steadfast welcomed “growing involvement from Chinese banks successful engaging with the regulated crypto industry.

"This improvement is encouraging for some the manufacture and the broader ecosystem, arsenic it demonstrates a maturing knowing of the crypto assemblage by accepted fiscal institutions," she said.

A spokesperson for the steadfast said they couldn't presently supply a remark connected whether the steadfast had been approached by immoderate state-owned Chinese banks. 

Related: Hong Kong wants to go crypto hub contempt manufacture crisis

In October past year, the authorities of Hong Kong floated the thought of introducing its ain measure to modulate crypto, and Hong Kong's Securities and Futures Commission (SFC) released a connection for a authorities for cryptocurrency exchanges connected Feb. 20, acceptable to instrumentality effect successful June.

Christopher Hui, Secretary for Financial Services and the Treasury Bureau, delivers the opening keynote and reinforces HK government’s imaginativeness to make the virtual plus assemblage successful Hong Kong.
He mentions Web 3 presents a paradigm displacement to the net era. pic.twitter.com/9MGkWOCj0O

According to a Feb. 20 report, it is besides understood that representatives from the China Liaison Office person been frequenting Hong Kong crypto gatherings.

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