Hong Kong, aiming to become a new crypto hub for the world, will publish consultancy on cryptocurrency for banks.
- Hong Kong, aiming to become a crypto hub, will provide consultancy services related to crypto.
- Hong Kong believes that there is no need to impose a ban on crypto services for banks.
Hong Kong, aiming to become a new crypto hub for the world, will publish consultancy on cryptocurrency for banks.
Will Hong Kong Frame Crypto Rules?
According to the Hong Kong Monetary Authority, the institution has talked to banks and stated that there is no legal or regulatory requirement that prohibits banks from providing banking services to virtual assets (VA).
The Authority also added that banks were informed to adhere to a “risk-based approach” during customer due diligence (CDD) management;
“It is recommended that you avoid unnecessary procedures and refrain from adopting a ‘one-size-fits-all’ approach to reject applications related to crypto.”