Chinese banks begin providing services to crypto firms in Hong Kong

Citing sources with knowledge on the subject, Bloomberg has reported that Hong Kong branches of Bank of Communications Co., Bank of China Ltd., and Shanghai Pudong Development Bank have begun providing services to local crypto firms or have made requests for it. Experts think that these developments reflect China’s ongoing efforts to support the digital asset sector in Hong Kong.

China banned crypto transactions in Sept. 2021. Hong Kong Financial Services and Treasury Secretary Christopher Hui has recently said that more than 80 foreign and Chinese companies are interested in establishing a Web3 company in Hong Kong ahead of new regulations for virtual asset service providers that will take effect from June 2023.