The Wall Street Journal (WSJ) reports that at least two global banks headquartered in Hong Kong have refused to participate in transactions involving cryptocurrencies. This decision was made due to concerns about cryptocurrencies being used for money laundering, and the need for time to update systems and comply with anti-money laundering (AML) procedures.
Despite these banks' caution, the Hong Kong Government has not heeded calls for financial establishments not to refuse to open accounts simply because the business involves cryptocurrencies. They emphasize the importance of looking at each case individually
