Crypto companies looking to establish themselves in Hong Kong are facing difficulties in opening bank accounts, despite the city's efforts to become a hub for the industry. The Securities and Futures Commission is handling a large number of applications with only eight officers, and even licensed firms are struggling. While the Hong Kong Monetary Authority has reminded banks that they are not banned from offering accounts to crypto firms, a recent roundtable focused on easing access for firms with licenses. Money-service operators have also faced reluctance from banks due to concerns about anti-money laundering and counter-terrorist financing, but some local players are stepping up to serve the industry. Despite recent collapses of crypto companies in Singapore, most players in Hong Kong remain optimistic about future discussions with regulators.