Chinese Banks reportedly support crypto firms setting up in Hong Kong ahead of new licensing regime
Reportedly, a representative from a Chinese bank visited the head office of a crypto firm to offer banking services, even though China has banned crypto
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Chinese state-owned banks are reportedly supporting crypto firms setting up in Hong Kong before a new licensing regime for crypto exchanges begins in June.
Bloomberg reported on March 27 that according to the people familiar with the matter, these banks, including the Bank of Communications Co., Bank of China Ltd., and Shanghai Pudong Development Bank, have either started providing banking services to crypto firms or have made inquiries with them.
According to an undisclosed source, a representative from a Chinese bank visited the head office of a crypto firm to offer banking services, even though China has banned crypto.
When asked for comment, Julia Pang, who is the head of banking relations at the Hong Kong-based crypto trading platform OSL, stated that her company appreciates the increasing interest shown by Chinese banks in engaging with the regulated crypto industry.
Pang added that this development is positive for both the industry and the ecosystem, as it shows that traditional financial institutions are gaining a better understanding of the crypto sector.
