{"id":76230,"date":"2023-03-27T13:00:00","date_gmt":"2023-03-27T10:00:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=76230"},"modified":"2025-09-10T16:13:55","modified_gmt":"2025-09-10T13:13:55","slug":"bloomberg-chinese-banks-eye-servicing-crypto-firms-based-in-hong-kong","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bloomberg-chinese-banks-eye-servicing-crypto-firms-based-in-hong-kong\/","title":{"rendered":"Bloomberg: Chinese banks eye servicing crypto firms based in Hong Kong"},"content":{"rendered":"<p>A number of large Chinese banks have opened accounts or sent requests offering cooperation to crypto firms based in Hong Kong. Citing informed sources, <a href=\\\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-27\/chinese-banks-court-crypto-firms-in-hong-kong-after-mainland-ban\\\">Bloomberg<\/a> reports.<\/p>\n<p>The agency noted local branches with state participation in the share capital of Shanghai Pudong Development Bank, Bank of Communications and Bank of China.<\/p>\n<p>Co-founder and CEO of Odsy Network, Sean Lee, said that Hong Kong subsidiaries could benefit from the inflow of capital after <a href=\"https:\/\/u1f987.com\/en\/news\/us-rescue-saves-svb-and-signature-bank-depositors-stablecoins-narrow-the-depegging\"> turbulence in <span data-descr=\\\"traditional finance\\\" class=\\\"old_tooltip\\\">TradFi<\/span> in the U.S.<\/a>.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>&#8220;The jurisdiction will reap huge benefits. But questions remain as to whether the geopolitical climate will deter non-Asian projects from cooperating with Chinese banks,&#8221;<\/em> \u2014 he said.<\/p>\n<\/blockquote>\n<p>Lenders showed interest in the new niche ahead of the June 2023 launch of a licensing regime for crypto firms in the jurisdiction. In February, the Hong Kong Securities and Futures Commission (SFC)<a href=\"https:\/\/u1f987.com\/en\/news\/hong-kong-regulator-proposes-rules-for-cryptocurrency-platforms\">initiated<\/a> public consultations on the new requirements for operators of digital asset trading platforms.<\/p>\n<p>Major crypto companies such as <a href=\"https:\/\/u1f987.com\/en\/news\/huobi-applies-for-a-licence-in-hong-kong\">Huobi<\/a>, Gate.io, OKX and Bitget, as well as Singapore\u2019s largest bank <a href=\"https:\/\/u1f987.com\/en\/news\/dbs-bank-to-offer-cryptocurrency-services-in-hong-kong\">DBS Bank<\/a>, have already announced their intent to obtain a license under the proposed rules.<\/p>\n<p>In October 2022, media reported that the SFC <a href=\"https:\/\/u1f987.com\/en\/news\/hong-kong-regulator-weighs-easing-crypto-trading-rules\">to allow retail investors<\/a> to directly invest in digital assets.<\/p>\n<p>Subsequently, Hong Kong authorities <a href=\"https:\/\/u1f987.com\/en\/news\/hong-kong-crypto-service-providers-required-to-comply-with-aml-rules\">adopted amendments<\/a> to the anti-money laundering and counter-terrorist financing law, extending its scope to crypto service providers from 1 June 2023.<\/p>\n<p>Earlier this year, the jurisdiction\u2019s Financial Secretary Paul Chan <a href=\"https:\/\/u1f987.com\/en\/news\/hong-kong-signals-commitment-to-developing-the-crypto-industry\">said he was ready<\/a> to welcome companies focused on digital assets from around the world.<\/p>\n<p>As reported, the former BitMEX CEO Arthur Hayes <a href=\"https:\/\/u1f987.com\/en\/news\/arthur-hayes-envisions-chinas-return-to-the-crypto-industry-via-hong-kong\">suggested that China is trying to return to the crypto industry<\/a> through Hong Kong.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Several large Chinese banks have opened accounts or sent requests offering cooperation to crypto firms based in Hong Kong. Bloomberg reports citing informed sources.<\/p>\n","protected":false},"author":1,"featured_media":76231,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,133,832],"class_list":["post-76230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-china","tag-hong-kong"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/76230","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=76230"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/76230\/revisions"}],"predecessor-version":[{"id":76232,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/76230\/revisions\/76232"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/76231"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=76230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=76230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=76230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}