While other regional authorities have continued to prey on the crypto industry, Hong Kong has continued to see potential in the industry, therefore, expressing support and working towards assisting in boosting crypto adoption.
Given Hong Kong’s continuous growth as a crypto hub, many crypto companies have turned to the region to establish a presence and open bank accounts to explore new business opportunities.
However, some companies have found it challenging to open these specific accounts due to perceived high risks and concerns around anti-money laundering regulations. In response, the Hong Kong Monetary Authority (HKMA) has made some moves addressing the issue.
Hong Kong Authority Paves Way For Easy Crypto Bank Account Opening
According to a statement published on Thursday, the Hong Kong Authority has been actively discussing the challenges of opening a bank account for crypto firms.
The HKMA said it had reminded banks in…
