🏦 Hong Kong: Lawmaker calls for easing banking restrictions for crypto firms 🚀

Johnny Ng, a member of Hong Kong's Legislative Council, has urged the government and banking sector to ease restrictions that prevent crypto firms from accessing essential banking services.

Ng highlighted that many of these companies face major challenges in opening local bank accounts, affecting their ability to operate effectively.

According to a recent survey, only 20% of crypto firms managed to open bank accounts in Hong Kong within two to five months, while more than half took six months or more.

😓Despite Hong Kong's efforts to position itself as a global cryptocurrency hub, banking restrictions and strict regulations are making it difficult for large international exchanges to enter the market.

🏦💻Ng has called on virtual banks to expand their services and work together with traditional banks to improve access to financial services for crypto businesses. This call to action is crucial at a time when Hong Kong introduces a crypto licensing regime, allowing licensed exchanges to offer retail trading services.

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