Banks in China have begun to approach Hong Kong-based cryptocurrency firms with financial services, either small or large institutions.
News media outlet Bloomberg reported some Chinese banks approached crypto firms despite crypto trading being banned on the Chinese mainland. Banks, including Shanghai Pudong Development Bank, Bank of Communication Company, and Bank of China Limited, have directly approached local crypto firms in Hong Kong for banking services.
The person related to the incident said that a Chinese bank’s sales agent directly visited one of the Hong Kong crypto firms to present the bank’s services and offers despite the crypto ban in China.
Chinese state-owned banks are attempting to establish their financial services to local crypto firms following the collapse of large crypto-friendly banks, including Silvergate Bank, Signature Bank, and Silicon Valley Bank.
This boom in Hong Kong crypto firms has occurred for the past several months. Hong Kong’s Securities and Futures Commission put forward a proposal for cryptocurrency exchanges on February 20. The proposed scheme is scheduled for implementation effect in June.
Also Read: Hong Kong to Form Task Force to Back Sustainable Crypto Development
