In light of the incoming crypto exchange licencing regime, Chinese state-owned banks have reportedly made moves to work with cryptocurrency companies setting up shop in Hong Kong — despite China’s ongoing prohibition on cryptocurrencies.
Bloomberg recently reported that Chinese banks, including Shanghai Pudong Development Bank, the Bank of Communications Co., and Bank of China Ltd., have either begun to offer banking services to cryptocurrency firms in Hong Kong or have approached crypto firms. According to one account, a Chinese bank sales representative went to the headquarters of a cryptocurrency company to promote banking services.
The Hong Kong Securities and Futures Commission presented a proposal for a regime for cryptocurrency exchanges, slated to take effect in June, after the Hong Kong government raised the notion of presenting its own bill to regulate cryptocurrencies in October of last year.
It is also believed that representatives from the China Liaison Office have been attending crypto events in Hong Kong, according to a report dated February 20.
Hong Kong’s Financial Services and Treasury secretary Christopher Hui stated at the Aspen Digital Web 3 Investment Conference last week that over 80 cryptocurrency companies have expressed interest in setting up shop in Hong Kong. Hui said that the government is strongly committed to growing the crypto industry and offering a strong support network to enthusiastic pioneers and start-ups in this field.
