Hong Kong pressures banks to accept crypto clients.

The Hong Kong Monetary Authority (HKMA) has reportedly encouraged major banks, such as HSBC and Standard Chartered, to accept cryptocurrency exchanges as clients. The UK-based firms were questioned in a May meeting, along with the Bank of China, as to why they were not taking on such clients. The HKMA had already issued a circular in April urging banking institutions to adopt a more ambitious approach to new sectors, such as the crypto market, and help “virtual asset service providers” gain access to banking services. However, there is opposition from some traditional banking executives. The move from HKMA comes amid a difficult regulatory environment for exchanges in the US. Hong Kong recently enacted a new suite of crypto regulations that allowed for locally-licensed crypto firms to begin operations.

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