The Hong Kong Monetary Authority (HKMA) is urging top tier banks in the country to start accepting crypto exchanges as customers. This was reported by Financial Times on June 15th.

The need to capitalise on the #crypto innovation is one that most countries are not willing to lose on. Despite the lack of complete understanding and operational policies yet, regulators are willing to take on this lucrative stride.

The crypto industry has been faced with loads of ups and downs, wherein investors have made life-changing wealth and some others have lost it all. Amidst all these, financial institutions such as Banks, are weary of potential lapses or indictments, if found that their crypto exchange clients are guilty of money laundering or other financial crimes. This is one of the major reasons, banks are being skeptical about embracing this technology.

On April 27th, one of the regulator told banks that;

"due diligence procedures should not impose undue burden on crypto firms seeking to establish a base in Hong Kong."

Meanwhile, the chairman of the Fintech Association of Hong Kong also said that;

"Everything has been done on the government's side to encourage these banks to facilitate the opening of Banking services to the sector."

The #HongKong adminstration on June 1st, provided new licensing regime for crypto exchanges offering services to retail investors. This could be a game changer for the future of Hong Kong economy.

Meanwhile, the U.S regulators are still looking for ways to prevent exchanges from leaving the country. The Judge presiding over the Securities and Exchange Commission (#sec ) lawsuits against #Binance and other crypto projects, have since advised for a possible agreement or understanding between both parties.

With all these happenings, we could see a good bull run for the crypto industry once regulators and banks start creating room for crypto investors and exchanges.

To be continued....

Let's hear your thoughts below 👇

Do you think Hong Kong is suitable for Crypto Business? 🤔

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