Hong Kong regulator requires banks to open accounts for crypto firms
The Hong Kong Monetary Authority (HKMA), the region’s central banking institution and regulator, has called on banks to provide services to cryptocurrency firms.
On April 27, the HKMA issued a circular related to the access of corporate customers to banking services. In the document, the regulator has required authorized institutions, referred to as “AIs,” to adopt a risk-based approach in Anti-Money Laundering efforts.
The HKMA also urged the institutions in Hong Kong to pay attention to market developments and take a forward-looking approach to new sectors like the crypto market.