Hong Kong officials are summoning a meeting between cryptocurrency companies and banks in an effort to ease the financial burden on the industry. The roundtable discussion is scheduled to take place on April 28th at the Hong Kong Monetary Authority (HKMA) and aims to facilitate direct dialogue, share experiences, and practical viewpoints on opening and maintaining bank accounts.

The event is being hosted by HKMA and the Securities and Futures Commission (SFC), the two authorities responsible for managing and supervising stablecoins and crypto exchanges.

According to Bloomberg, the new meeting will provide a platform for crypto and banking industry leaders to discuss the challenges of operating in the digital asset space. The event comes after Hong Kong began to shift towards the cryptocurrency industry from last October, with plans to transform into a digital asset hub and a playground for Web3 companies.

Hong Kong will start allowing crypto trading from June 1st, although the new law will only apply to professional investors. Nevertheless, the move is seen as a significant step towards easing mainland China’s view on cryptocurrency and attracting capital inflows from across the Asian region.

Moreover, according to Bloomberg, many Chinese banks have proactively contacted crypto companies, continuing to send positive signals to the industry in the near future. This is a significant development as crypto companies have always faced difficulties connecting with traditional banking services, such as opening accounts for paying employee salaries.

The recent collapse of several US financial institutions has made it even more difficult for crypto companies to find banks to work with. HKMA and SFC representatives refused to comment on the meeting, but they stated that they are maintaining dialogue with all relevant parties.

The crypto industry has long faced challenges when it comes to banking, and this meeting could provide a platform for the industry to address these challenges and collaborate with the banking sector. It remains to be seen how the meeting will play out, but it is clear that Hong Kong is taking steps to embrace the digital asset industry and make the region a hub for the future of finance.

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This article was republished from azcoinnews.com