Cryptocurrency

Hong Kong crypto corporations seeing curiosity from Chinese language banks: Report

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Crypto corporations establishing in Hong Kong forward of a brand new licensing regime for crypto exchanges in June have reportedly discovered some surprising allies within the area — Chinese language state-owned banks.

In response to a March 27 report from Bloomberg, Chinese language banks together with Shanghai Pudong Improvement Financial institution, the Financial institution of Communications Co., and Financial institution of China Ltd. have both began providing banking companies to crypto corporations in Hong Kong or made inquiries with crypto corporations, in accordance with “folks with data of the matter.”

One supply claims {that a} Chinese language financial institution gross sales consultant even visited a crypto agency’s primary workplace to pitch banking companies. That is all regardless of an ongoing crypto ban in China.

Cointelegraph reached out to Shanghai Pudong Improvement Financial institution, the Financial institution of Communications Co., and Financial institution of China Ltd for additional remark, however didn’t obtain a reply earlier than publication.

Requested for remark, Julia Pang, Head of Banking Relations at Hong Kong-based crypto buying and selling platform OSL advised Cointelegraph that her agency welcomed “rising curiosity from Chinese language banks in partaking with the regulated crypto business.

“This improvement is encouraging for each the business and the broader ecosystem, because it demonstrates a maturing understanding of the crypto sector by conventional monetary establishments,” she stated.

A spokesperson for the agency stated they could not at present present a touch upon whether or not the agency had been approached by any state-owned Chinese language banks. 

Associated: Hong Kong needs to turn out to be crypto hub regardless of business disaster

In October final 12 months, the federal government of Hong Kong floated the concept of introducing its personal invoice to control crypto, and Hong Kong’s Securities and Futures Fee (SFC) launched a proposal for a regime for cryptocurrency exchanges on Feb. 20, set to take impact in June.

In response to a Feb. 20 report, it’s also understood that representatives from the China Liaison Workplace have been frequenting Hong Kong crypto gatherings.

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