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China’s state-owned financial institutions are seeking business opportunities in crypto firms in Hong Kong as the region is set to become another safe harbor for the industry.
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Bloomberg reports, citing sources close to the matter, that the Hong Kong arms of Bank of Communications, Bank of China and Shanghai Pudong Development Bank have “either started offering banking services to local crypto firms or have made inquiries to the field.”
It is unclear which crypto firms have been contacted by the banks. However, there was at least one occasion when sales representatives from a Chinese bank visited the office of a local crypto firm, sources claim. An anonymous top executive at a major Chinese bank told the news media that the crypto push was the “apparent green-light from Beijing.”
Arthur Hayes: China Will Return to Crypto Sector Through Hong Kong
Hong Kong is set to introduce new rules for crypto trading platforms, requiring from them to be licensed by the local financial regulator — the Securities and Futures Commission.
In a consultation paper published in late January, the Hong Kong Monetary Authority said stablecoins that derive their value “based on arbitrage or algorithm” would not be allowed in the region. Those entities that would like to offer stablecoin-related services in Hong Kong would be required to register their business with the HKMA by 2024.
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Источник: ru.ihodl.com
