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Hong Kong Asks Banks to Help Regulated Crypto Firms in Doing Business

Regulators in Hong Kong are urging banks to provide services to licensed crypto firms as part of the city's plans to establish itself as a crypto hub. In a circular released by the Hong Kong Monetary Authority, banks are asked to support regulated crypto businesses with "their legitimate need for bank accounts" and to avoid the "wholesale de-risking approach" that turns away new industries. Hong Kong will unveil its new licensing regime on June 1, after which it plans to allow retail investors to trade major cryptocurrencies like Bitcoin and Ethereum. The Hong Kong regulator is also planning to release rules and regulations for crypto exchanges soon. (coingape)

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