Despite the Hong Kong Monetary Authority's efforts to promote the region as a crypto hub, local crypto businesses are having trouble opening corporate bank accounts.
“Simple Accounts” From Hong Kong’s Hang Seng Bank For Crypto Companies
Despite the Hong Kong Monetary Authority's efforts to promote the region as a crypto hub, local crypto businesses are having trouble opening corporate bank accounts.
The director of commercial and client services at HSBC-owned Hang Seng Bank is quoted in the Hong Kong Economic Journal as saying that licenced cryptocurrency companies can only register a "simple" bank account, without defining which services are banned.
The Securities and Futures Commission has limited personnel, and banks are unwilling to accept cryptocurrency companies as clients, despite there being no restrictions.
Major institutions like HSBC, Standard Chartered, and Bank of China have been asked by the Hong Kong Monetary Authority to accept cryptocurrency exchanges as clients.
OSL and Hash Blockchain are the only two virtual asset trading platforms that currently have licenses from Hong Kong's security regulator.
