Challenges Faced by Hong Kong's Crypto Firms in Securing Banking Access

Thursday, 8 August 2024, 17:00

Crypto firms in Hong Kong are encountering significant hurdles in obtaining banking services, as highlighted by a member of the Legislative Council. Currently, only 20% of these firms have successfully opened bank accounts, raising concerns about the region's virtual banking system regarding virtual assets. The LegCo member advocates for an upgrade to support these businesses better, emphasizing the need for improved collaboration between the crypto and banking sectors.
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Challenges Faced by Hong Kong's Crypto Firms in Securing Banking Access

Overview of the Banking Challenges

The crypto landscape in Hong Kong is marked by notable banking hurdles for start-ups. Only 20% of crypto firms have been able to navigate the complexities of securing bank accounts, which is essential for their operations.

The Need for System Upgrades

To alleviate these challenges, a LegCo member has suggested significant upgrades to the region's virtual banking system, specifically tailored to manage virtual assets.

Conclusion

With the growing importance of the cryptocurrency sector, addressing these banking issues is crucial for the future of crypto firms in Hong Kong and their ability to thrive within the global market.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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