Wednesday, 12 June 2024
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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.

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