Hong Kong Monetary Authority has responded to complaints that opening bank accounts in the jurisdiction is difficult, reminding banks that there is no ban on crypto firms. By lavender_au.
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.Hong Kong is reminding banks that they can provide services to virtual asset companies amid complaints about the difficulty of opening bank accounts in the jurisdiction, its de facto central bank said on Thursday.
“There is no legal and regulatory requirement prohibiting banks in Hong Kong from providing banking services to virtual assets related entities,” deputy chief executive of the Hong Kong Monetary Authority Arthur Yuen wrote in a columnYuen wrote that the HKMA has reminded banks to adhere to a “risk-based approach” when conducting due diligence and refrain from one-size-fits-all approaches to rejecting account opening applications.
He acknowledges that some virtual businesses may present higher anti-money laundering risks and banks may be more cautious when processing account opening applications. He also notes that banking staff have less experience in dealing with new markets and may be turning customers away to avoid hassle.in a bid to attract more companies to the jurisdiction.
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