The Hong Kong Monetary Authority (HKMA) has issued a warning about foreign crypto entities posing as banks in Hong Kong. These firms, without proper licenses, are misleading the public by using the term 'bank' in their branding. The HKMA emphasized that only licensed banks and authorized institutions can engage in banking activities in Hong Kong. The regulator highlighted the risks of misleading representations by foreign crypto firms and clarified that they are outside its regulatory scope. Despite Hong Kong's reputation as a crypto hub, only three exchanges have obtained licenses. Circle CEO Jeremy Allaire discussed the potential of stablecoins in cross-border trade, while Hong Kong officials announced plans to expand exchange licensing. It is important to conduct thorough research before engaging in cryptocurrency activities, as they are considered high-risk ventures. Read more AI-generated news on: https://app.chaingpt.org/news