According to PANews, Wu Jiezhuang, chairman of the Hong Kong Legislative Council's Web3 and Virtual Asset Development Subcommittee, found that most Web 3.0 companies settled in Hong Kong have difficulty opening bank accounts in Hong Kong, especially virtual bank accounts. Opening an account requires multiple visits to Hong Kong, fixed deposits and high handling fees, and it takes nearly half a year to successfully open an account. Wu Jiezhuang suggested that the government and banks relax the conditions.
Wu Jiezhuang's team visited more than 120 Web 3.0 companies, 83% of which were involved in virtual assets, 95% opened accounts in virtual banks in Hong Kong, nearly 70% needed to visit Hong Kong multiple times, 60% required fixed deposits, 54% required half a year or more to open an account, and 3% were rejected.
Wu Jiezhuang said that Web 3.0 is developing rapidly, and banks are not familiar with virtual asset companies and have limited resources, which affects the progress of account opening. He hopes that Hong Kong policies can welcome related companies and provide sufficient support.