HK regulators court crypto execs ahead of launching digital assets hub

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Updated March 28, 2023 | Published March 28, 2023

2 mins read

Regulators want to build relationships with banks and crypto organizations before launching a centre for digital assets.

Hong Kong regulators are meeting with crypto bankers to help establish financing for the sector as the city plans to create a hub for virtual assets.

In a bid to “share practical experiences and perspectives in opening and maintaining bank accounts” and “facilitate direct dialog”, a roundtable will take place on April 28 at Hong Kong’s central bank, the Hong Kong Monetary Authority (HKMA).

The meeting will be held by two regulators overseeing stablecoins and crypto exchanges, the Securities and Futures Commission (SFC) and the HKMA, according to details from Bloomberg.

Hong Kong's decision to create a centre for digital assets and web3 firms comes after years of voicing suspicion surrounding the crypto industry.

Moreover, the plan to finally initiate the crypto hub is already facing hurdles. Basic needs such as payroll accounts have proven difficult to obtain due to demanding anti-money laundering and know-your-customer rules.

Alongside stringent regulatory requirements, the recent demise of crypto banks in the US has added to the regulator’s struggles when seeking financing for its firms.

Spokespeople for both SFC and HKMA said the firms have been maintaining dialog with stakeholders but have not yet commented on any details.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.
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