"Fortunately, China is more open to helping crypto companies in Hong Kong."
Banks from mainland China are lending a helping hand to cryptocurrency companies in Hong Kong despite the United States' (US) Securities and Exchange Commission's (SEC) recent crackdown on digital assets.
Reportedly, representatives from China frequently visited Hong Kong last month while Chinese banks were found to be contacting crypto companies directly over the past few months.
Even though China has banned crypto trading on the mainland, it is doing its best to make Hong Kong a crypto hub in Asia by pushing back on SEC issues forcing banks to cut back on offering services to digital asset-backed companies.
Pleased to be informed that Bank of Communications Co, Bank of China Ltd and Shanghai Pudong Development Bank have started to take steps to offer banking services to local crypto companies.
While players in the crypto market welcome the development as they have faced liquidity challenges amid the US development, commented Beoble's Chief Executive Officer (CEO), Sung Min Cho.
Hong Kong-based virtual bank ZA reportedly plans to serve crypto companies that pass regulatory and internal requirements, according to the bank's CEO, Devon Sin, adding that they will open a pilot program for opening express business accounts.
