source: SCMP

Governments throughout the world hold differing views on cryptocurrencies. A few people are still unsure, while others have been openly supporting the profession. Hong Kong has joined those areas that choose to adopt a regulatory approach to the burgeoning cryptocurrency market. In addition to the government's position, organizations working in the region have also been urged to follow the same principle. In the instance of Hong Kong, the government is said to have pushed HSBC and Standard Chartered to accept cryptocurrency exchanges as clients. During a meeting last month, the Hong Kong Monetary Authority (HKMA) reportedly questioned the Bank of China and UK-based banks about their opposition to accepting cryptocurrency exchanges as clients.

In a letter dated April 27, the HKMA stressed the need to avoid placing undue constraints on prospective clients when completing due diligence. This is mainly for organizations setting up shops in Hong Kong with the aim of investigating potential there. Not all banks, though, agreed with this.

They had a conundrum, according to a bank spokesman. Supporting the government's plans for the growth of cryptocurrency was up for debate, as were worries about potential scrutiny related to KYC and anti-money laundering problems. Without providing any more information, Standard Chartered also claimed to maintain constant contact with the authorities. The growing crypto business in Hong Kong is being closely watched by HSBC, which has stated its active participation in this process.

The most recent effort from Hong Kong comes at a time when the American crypto sector is under intense investigation. U.S. cryptocurrency investors were shocked to learn that the Securities and Exchange Commission [SEC] was pursuing two significant exchanges, Binance and Coinbase. This was seen by the Hong Kong authorities as an appropriate time to get in touch with Coinbase and other exchanges about opening up shop in the area.

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