A recent meeting of banks and crypto firms organized by HKMA was described by one attendee as a “wish list from the regulator.” lavender_au reports.
focused only on easing access for firms that already held or which were applying for licenses, an attendee told CoinDesk.
“It’s not clear to us what extra information the banks need,” she told CoinDesk. “Internally, they don’t seem sure about what they want from us.”Venture capital firm Braeside founder Tak Lo told CoinDesk that “many crypto companies present themselves as other firms other than asset management firms in order to facilitate bank account opening.
Even if firms manage to get accounts, Chu added, “six months later you get it shut down for no reason.” He said that firms try to stay low-profile. This uncertainty means they’re constantly on the look out for new options and opportunities to set up bank accounts. Firms are subject to the whims of the bank account providers and end up dedicating resources to opening bank accounts.Kang points to money-service operators who held licenses from the Customs and Excise Department that enabled them to exchange funds. Banks were reluctant to serve them due to perceived anti-money laundering and counter-terrorist financing risk.
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