Hong Kong Monetary Authority Urges Local Banks to Provide Services to Cryptocurrency Firms

Hong Kong Monetary Authority Urges Local Banks to Provide Services to Cryptocurrency Firms

The Hong Kong Monetary Authority (HKMA) has called on authorized institutions in the region to adopt a risk-based approach to anti-money laundering measures and pay attention to market developments, particularly emerging sectors such as the crypto market. The regulator specifically urged institutions to support virtual asset service providers (VASPs) that are licensed and regulated by the Securities and Futures Commission in their need for bank accounts in Hong Kong. The news comes ahead of Hong Kong's upcoming implementation of new regulations that will allow retail investors to buy and sell cryptocurrencies like Bitcoin and Ether.

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