According to PANews, a recent survey conducted by the Hong Kong Legislative Council's Web3 and Virtual Asset Development Subcommittee, chaired by Ng Kit Chuang, revealed significant challenges faced by Web 3.0 companies in opening bank accounts in Hong Kong. The survey, which was released today (8th), found that most Web 3.0 companies based in Hong Kong encounter difficulties in setting up bank accounts. Specifically, virtual banks often require company shareholders or directors to visit Hong Kong multiple times, maintain fixed deposits, and pay high fees, with the process taking nearly six months to complete. Ng stated that while opening accounts with virtual banks is relatively easier than with traditional banks, the prolonged delays are detrimental to these companies' operations in Hong Kong. He suggested that the government and banks should consider relaxing these conditions where feasible.
Ng's team surveyed over 120 Web 3.0 companies that established themselves in Hong Kong after 2022. The findings showed that 83% of these companies are involved in virtual assets, and 95% attempted to open accounts with virtual banks. Among these, nearly 70% were required to have company shareholders or directors visit Hong Kong multiple times, and 60% were asked to maintain fixed deposits. Additionally, 54% of the companies took six months or more to open an account, while nearly 20% managed to do so within two to five months, and 3% were outright rejected.
Ng acknowledged the rapid development of Web 3.0, with new businesses emerging every quarter and various new scams occurring. He believes that banks lack sufficient understanding of these virtual asset companies and that the business volume is too small for banks to invest in the necessary talent, technology, and resources for thorough scrutiny. When asked if Web 3.0 companies might leave Hong Kong due to these banking challenges, Ng conceded that some might, but not the majority. He emphasized that these companies will go wherever conditions are favorable. Ng expressed hope that Hong Kong's policies would welcome these companies and provide adequate support for their establishment.