Hong Kong Convenes Meeting To Promote Finance For Crypto Firms From Banks

Key Points:

• Regulators in Hong Kong, China, are calling for meetings between crypto firms and bankers to facilitate financing in the industry.
• The meeting aims to facilitate financing from banks for money companies to move towards the goal of making Hong Kong a crypto hub.
• The roundtable will take place on April 28 at the Hong Kong Monetary Authority.

According to Bloomberg, regulators in Hong Kong, China, are calling for meetings between crypto firms and bankers to create financial conditions for the industry to make the region a crypto hub.

The roundtable will be held at the Hong Kong Monetary Authority on April 28 “to facilitate face-to-face dialogue” and “share experiences and practical views on opening and maintaining bank accounts.” goods,” according to event details obtained by the news agency.

The conference will be co-hosted by the Hong Kong Monetary Authority and the Securities and Futures Commission, two regulatory bodies that oversee stablecoin and cryptocurrency exchanges.

As mentioned earlier, last year, Hong Kong revealed plans to turn itself into a hub for digital assets and thrive on Web3 technology. At the same time, China still has its tightening policies on digital assets. The company also provides virtual asset services and mining operations.

The idea was also tacitly endorsed by the Beijing government as the Hong Kong branches of the Bank of Communications of China, Bank of China, and Shanghai Pudong Development Bank may have started offering banking services to local crypto companies or conducting field investigations.

Several businesses are now having more trouble finding banking due to the recent bankruptcy of a number of US banks that supported cryptocurrencies. Despite this, one contemporary bright light has been a growth in interest in the sector among Chinese state-owned lenders, which has surprised the industry, given China’s restriction on the majority of crypto-related operations.

Spokesmen for the HKMA and SFC said they would not comment on any details but added that they were maintaining dialogue with stakeholders.

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