⏰ Act Early, Profit Big!
Be among the first to access the newest altcoins. Don't miss out, click now!

Hong Kong Banks Resist Despite Cryptocurrency Boom

  • Hong Kong’s traditional institutions are struggling to embrace the cryptocurrency sector despite the government’s approval of Bitcoin and Ethereum ETFs last year and the introduction of new crypto regulations on June 1 this year.
  • Two major traditional banks have reportedly prohibited all activities directly linked to cryptocurrencies, and many are still resistant to opening accounts where crypto platforms’ funds will be held.
  • Regulators in Hong Kong have been urging bank executives to facilitate licensed crypto companies, but the banks’ major concerns revolve around money laundering and the difficulty in conducting risk analysis for crypto firms due to their unclear roadmaps compared to traditional companies.

Resistance to Crypto Adoption Among Traditional Banks in Hong Kong

Government’s Efforts to Promote Crypto Sector

Last year, Hong Kong made significant strides in the cryptocurrency sector by granting approval to Bitcoin and Ethereum ETFs. This year, the government further demonstrated its commitment to the sector by introducing new cryptocurrency regulations on June 1. These actions were aimed at fostering the growth and integration of the crypto industry into the mainstream financial system.

Traditional Banks’ Stance on Cryptocurrencies

Despite the government’s efforts, traditional banking institutions in Hong Kong have been slow to embrace the crypto sector. Reports indicate that two major banks have gone as far as banning all activities directly associated with cryptocurrencies. Furthermore, these banks, among others, have shown resistance to opening accounts where funds from crypto platforms would be held.

Regulators’ Push for Crypto Integration

Regulators in Hong Kong have been actively advocating for the integration of licensed crypto companies into the traditional banking system. They have held discussions with several bank executives, urging them to facilitate these companies. However, these efforts have been met with significant resistance, with the banks citing concerns about money laundering and the difficulty of conducting risk analysis for crypto firms due to their unclear roadmaps compared to traditional companies.

These discussions between regulators and bank executives are expected to continue through the summer and autumn months as they seek to find common ground and foster the growth of the crypto sector in Hong Kong.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

JPMorgan Chase Doubles Robinhood Target Price, Highlights Bitcoin’s Role in Crypto and Tokenization Growth

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Ethereum Reserve Concept Stocks Plunge: Bitmine Immersion and GameSquare Lead Declines Over 10%

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Treehouse (TREE) Surges to $1.50 on Binance Opening, Market Cap Hits $173 Million

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Bitcoin Falls Below $118,000 Amid 0.46% 24-Hour Decline, Ethereum Drops Under $3,800

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Binance Launches TREE 1-75x USDT-Margined Perpetual Contract and Financial Services on July 29, 2025

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

VeChain and BitGo Explore Institutional Blockchain Adoption with Franklin Templeton Collaboration

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Ghana Considers Licensing Bitcoin Platforms to Enhance Oversight of Growing Crypto Transactions

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Ethereum’s Evolution: Potential Paths for Scaling, Interoperability, and Institutional Adoption

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Pyth Network May Enable Real-Time Onchain Price Feeds for Major Hong Kong Stocks

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

DOGE Faces Potential Resistance Near $0.23 Amid Bearish Pressure and Low Trading Volume

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Bitcoin Sentiment Index Shows Stable Trends Without Major Market Signals or Influencer Comments

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

SHIB Faces Potential Support Tests Amid Bearish Trends, Analysts Suggest Possible Price Zones

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img