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Hong Kong Regulator Reminds Local Banks There Is No Ban on Crypto Firms

Hong Kong's central bank, the Hong Kong Monetary Authority (HKMA), has reminded banks that they can provide banking services to virtual asset (VA) companies, as some businesses have complained about the difficulty of opening bank accounts in the jurisdiction. The HKMA has encouraged banks to use a "risk-based approach" when conducting due diligence and avoid one-size-fits-all approaches to rejecting account opening applications. In a bid to attract more companies to the jurisdiction, Hong Kong has been providing virtual asset services providers with more regulatory clarity. The HKMA has also released a circular clarifying best practices for offering banking services.
(By Lavender Au)

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