Friday, 4 April 2025
Trending
CryptoCrypto Regulations

An Event Between Local Banks and Crypto Firms

To “share practical experiences and perspectives in opening and maintaining bank accounts,” the HKMA and the Securities and Futures Commission intend to “facilitate direct dialogue” between local cryptocurrency entities and banking institutions.

The meeting is slated for April 28 at the Hong Kong Monetary Authority and seeks to forge closer ties between the two sectors.

A Meeting Host by Hong Kong Regulators

The meeting takes place at a time when several US financial institutions, including Silicon Valley Bank (SVB) and Signature Bank, have disclosed operational issues and have been shut down by regulators. The closures had an impact on numerous crypto clients for both organizations.

The Bank of Communications, Shanghai Pudong Development Bank, and the Bank of China‘s Hong Kong subsidiaries have all begun to provide their services to domestic digital asset entities, as CryptoPotato noted earlier this week.

  • Hong Kong subsidiaries have all begun to provide their services to domestic digital asset entities.
  • It intends to “facilitate direct dialogue” between local cryptocurrency entities and banking institutions.
  • Hong Kong’s government recently unveiled plans to develop a special administrative region.

Beijing’s position is in contrast to the government and central bank’s 2021 ban on all cryptocurrency transactions.

Hong Kong’s government recently unveiled plans to develop the special administrative region of China into a cryptocurrency hub.

They committed to legalizing cryptocurrency retail dealing and creating a supportive regulatory environment for the sector.

Such a move, in the opinion of Arthur Hayes, co-founder of BitMEX, could start the next rising market. According to Hayes, the present global economic unrest may compel the nation to transfer the US dollars it has accumulated from its significant exports to a different market. The American businessman suggested that accepting cryptocurrency might be a strategy for doing this.

Related posts
AltcoinsCryptoWorld

RLUSD Stablecoin: Ripple's New Cross-Border Payment Solution

Ripple’s RLUSD stablecoin sees an 85% spike in trading volume and a 20.4% increase in market…
Read more
BitcoinCryptoEthereum

Bitcoin and Ethereum: Navigating the Market Plunge

Bitcoin dropped from $85K to $82K, while Ethereum fell from $1,900 to $1,800. Market cap shrank…
Read more
CryptoCrypto Exchange

Elon Musk's X vs. IRS: Supreme Court Coinbase Data Battle

X Corp. and advocacy groups challenge IRS subpoenas for Coinbase user data, citing Fourth Amendment…
Read more
Newsletter
Become a Trendsetter

To get your breaking, trending, latest news immediately without diluting its truthfulness join with worldmagzine immediately.

Leave a Reply

Your email address will not be published. Required fields are marked *

CryptoLatest News

Crypto Enterprises are Thinking About Relocating to More Advantageous Jurisdictions

Worth reading...