Major Banks Face Pressure from Hong Kong Monetary Authority
The Financial Times previously revealed that major banks like HSBC, Standard Chartered, and Bank of China were questioned by the Hong Kong Monetary Authority (HKMA) for refusing to accept compliant cryptocurrency exchanges as clients. Despite ongoing pressure, The Wall Street Journal reported this month that Hong Kong’s new crypto regulations faced resistance from banks, with at least two large multinational banks still declining to open accounts for crypto firms due to money-laundering concerns.
Standard Chartered Hong Kong: Open to Virtual Asset Firms
According to Sing Tao Daily, Standard Chartered Hong Kong CEO Mary Huen addressed the market’s concerns, stating:
"The Standard Chartered Group views virtual assets as a critical part of the future financial landscape. We have a specific framework for such accounts—if a company meets due diligence, anti-money laundering (AML), and risk management requirements, we will open an account. We’ve already had successful cases."
However, she clarified that the bank remains cautious about cryptocurrencies "without any backing."
Potential Improvement for Crypto Platform Banking Access
To address banking reluctance, the HKMA recently met with over 100 financial leaders—including representatives from Citibank, DBS Bank, and China Construction Bank—and proposed a compromise:
- Basic operational accounts for crypto exchanges applying for licenses, enabling them to pay rent and salaries during the review period.
A Wall Street Journal source indicated that one multinational bank in Hong Kong is now considering offering basic accounts to licensed exchanges that pass AML and due diligence checks.
Proactive Steps by Hong Kong Banks
- ZA Bank, Hong Kong’s largest digital bank, announced plans to provide crypto-to-fiat services for licensed exchanges.
- Bank of Communications Hong Kong is reportedly in talks with licensed crypto firms to open accounts.
FAQs
1. Which banks in Hong Kong accept crypto firms?
- Standard Chartered Hong Kong and ZA Bank have publicly expressed willingness, with others under HKMA encouragement.
2. Why were banks hesitant before?
- Primary concerns involved money-laundering risks and regulatory uncertainty.
3. What’s the HKMA’s role in this shift?
- The HKMA is pushing banks to support compliant crypto businesses while maintaining AML standards.
👉 Explore how Hong Kong is becoming a crypto hub
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