Hong Kong urges major banks to embrace crypto exchanges as clients
Hong Kong, determined to reclaim its fintech crown and rival Singapore, is poised to become a thriving crypto hub by considering the inclusion of retail investors in cryptocurrency trading. The city-state is reportedly giving a nudge to major banks, urging them to hop on the bandwagon and embrace crypto exchanges as clients after announcing a clear regulatory framework that aims to encourage innovation. The Financial Times reported on Thursday that the lenders include HSBC, Standard Chartered and Bank of China. In a recent meeting, the Hong Kong Monetary Authority, the city’s banking regulator, questioned lenders about their hesitancy in accepting crypto exchanges as clients, the report said. In a letter to the banks, the HKMA advised them that conducting due diligence on prospective customers should not place excessive burdens, especially for those establishing offices in the city to explore opportunities. An HKMA spokesperson confirmed to Blockworks that it has provided guidanc...