HKMA and SFC to Facilitate Round-Table Meeting between Banks and Crypto Companies

Reported Bloomberg, Hong Kong regulators are taking a step towards easing financing for the crypto industry by convening a meeting between crypto firms and bankers on April 28.

The round-table is aimed at facilitating direct dialogue between the two parties and sharing practical experiences and perspectives on opening and maintaining bank accounts. The Hong Kong Monetary Authority and the Securities and Futures Commission, the two regulators overseeing stablecoins and crypto exchanges, will jointly hold the session. The move comes as Hong Kong seeks to establish itself as a hub for virtual assets and paves the way for greater collaboration and growth in the crypto space.

Last year Hong Kong announced its intention to become a hub for Web3 firms and virtual assets. However, the industry has been encountering challenges in establishing even basic banking relationships such as payroll accounts, due to strict know-your-customer and anti-money laundering regulations.

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