In an effort to make funding for the crypto industry easier, Hong Kong officials intend to hold a conference between cryptocurrency companies and bankers as the city works to establish itself as a global hub for the industry.
Bloomberg reported that the gathering, which is slated for April 28 at the Hong Kong Monetary Authority, aims to “facilitate direct dialogue” between the parties and exchange practical experiences and viewpoints in opening and managing bank accounts.
The Securities and Futures Commission, another prominent regulator in charge of stablecoins and crypto exchanges, will host the conference alongside the Hong Kong Monetary Authority, the city’s central banking organisation.
Due to stringent know-your-customer (KYC) and anti-money laundering (AML) regulations, it has been increasingly challenging for crypto firms to open corporate bank accounts in the city, even for necessities like payroll accounts.
The move also occurs at a time when numerous cryptocurrency companies are searching for new banking partners in the wake of the recent US financial crisis, which resulted in the closure of three significant crypto-friendly banks, including Silicon Valley Bank, Silvergate Capital, and Signature Bank.
It is believed that the move is proof that mainland China is supporting Hong Kong’s recent efforts to establish itself as a key hub for digital assets.
[Read more: Chinese State-Owned Banks Show Interest in HK-Based Crypto Firms]
