Hong Kong supervisory authorities organize a meeting between crypto companies and local banks (report)

Hong Kong supervisory authorities organize a meeting between crypto companies and local banks (report)

The financial supervisory authorities of Hong Kong are reportedly organizing a meeting between domestic cryptocurrency companies and bankers. The initiative could make financing easier for the industry because the region endeavors to develop into a global center for digital assets.

crypto company based in Hong Kong have allegedly received support from leading Chinese banks, although the authorities in the most populous country are predominantly against the investment class.

Another step towards the crypto goal

reported as by Bloomberg the HKMA and the Securities and futures commission, "the direct dialog" between local To facilitate cryptocurrency companies and banking institutions in order to "exchange practical experience and perspectives at the opening and management of bank accounts".

The session that aims to establish closer connections between the two sectors is planned for April 28 at Hong Kong Monetary Authority.

The meeting takes place at a time when several banking institutions in the USA, such as the Signature Bank and Silicon Valley Bank (SVB), were revealed operational difficulties and were closed by the supervisory authorities. Both companies had several crypto clients affected by the closures.

as CryptoPotato registered the Hong Konger subsidiaries of the Bank of Communications and the Shanghai Pudong Development Bank already started to offer their services for domestic companies for digital assets.

Beijing's positive attitude is in contrast to the ban on all cryptocurrency surgery that the central bank and the government have imposed spaserver-spaces "> enforced 2021.

is Hong Kong's move towards Krypto Bullish?

The Hong Kong authorities recently submitted plans to convert the China special administrative zone into a blockchain center. You praised to legalize the retail of cryptocurrencies and to design a friendly regulatory framework for the industry.

According to the co-founder of Bitmex-Arthur Hayes-such a step could trigger the next bull market. He argued that a possible rally would be further stimulated when China intervenes:

"Hong Kong's friendly realignment on Krypto indicates that China will assert itself on the crypto capital markets. If China loves crypto, the bull market will come back.

Hayes believes that the current economic turbulence that prevails around the world could force the country to distribute its US dollar supply, which was earned by its massive export. Warming up for crypto could be a possibility, the American entrepreneur concluded.

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