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China’s State-Affiliated Banks Are On-Boarding Crypto Companies in Hong Kong

Several state-affiliated banks in China have shown interest in building partnerships and onboarding regulated crypto companies in Hong Kong, despite a blanket ban on crypto-related activities in mainland China. The Hong Kong arm of Bank of Communications and ZA Bank are collaborating with several cryptocurrency businesses registered in the city and facilitating the depositing and withdrawal of fiat currencies. These banks will also serve as settlement banks to enable token deposits at authorized exchanges to be withdrawn in Hong Kong dollars, Chinese yuan, and US dollars. Hong Kong's progressive crypto approach has attracted nearly 80 cryptocurrency firms to the city, and the government's push has surprised many in the crypto ecosystem, given China's history of crackdowns on crypto-related activities in mainland China.

(By PRASHANT JHA)

Hong Kong China
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