Despite China's ban on cryptocurrencies and Bitcoin, Hong Kong's supportive steps towards cryptocurrencies strengthen the expectations that the next bull will be effective in the Asian wind, while Hong Kong continues to pressure banks to support cryptocurrencies.
The Hong Kong Monetary Authority is putting pressure on Standard Chartered and the Bank of China to accept (mostly Chinese state-owned) cryptocurrency exchanges as clients, the Financial Times reported.
In a statement sent to banks in April, the Hong Kong Monetary Authority requested that there be no difficulties in accounts related to cryptocurrency exchanges and crypto companies.
According to the news, which the FT cites 3 sources familiar with the subject, the HKMA asked why they did not accept crypto currency exchanges as customers at its meeting with HSBC, Standard Chartered and Bank of China last month.
At the meeting, he stated that HKMA officials encouraged banks not to be afraid of cryptocurrencies and that the traditional banking mentality against cryptocurrencies should be removed.
While HSBC and Standard Chartered did not deny the meeting, they stated that they regularly talk to regulators about policies and developments in the sector.
Hong Kong began licensing cryptocurrency exchanges from June 1, and Hong Kong lawmakers have invited Coinbase to launch a cryptocurrency exchange in Hong Kong.