{"id":77312,"date":"2023-04-17T12:08:54","date_gmt":"2023-04-17T09:08:54","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=77312"},"modified":"2025-09-10T22:35:24","modified_gmt":"2025-09-10T19:35:24","slug":"wsj-hong-kong-banks-start-serving-crypto-companies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/wsj-hong-kong-banks-start-serving-crypto-companies\/","title":{"rendered":"WSJ: Hong Kong banks start serving crypto companies"},"content":{"rendered":"

Hong Kong banks, including a unit of the state-owned Bank of Communications, have begun taking crypto companies as new clients, according to WSJ<\/a>.<\/p>\n

Mostly, these organisations are opening corporate deposit accounts for digital-asset businesses, which can be used to service day-to-day operations and employee payments. However, some banks are going further and offering settlement services in the crypto-trading space.<\/p>\n

According to the publication, Bank of Communications is already working with several licensed Web3<\/a>-companies and is in talks with other regulated firms about opening accounts.<\/p>\n

Representatives of the Hong Kong crypto group HashKey Group outlined plans to launch a new exchange that would ‘facilitate trading of Bitcoin, Ethereum and USDT<\/a>‘. To implement the initiative, the firm will begin collaborating with the local virtual bank ZA Bank and Bank of Communications.<\/p>\n

Earlier, ZA Bank said<\/a> that the organisation would act as an intermediary for deposits and withdrawals from crypto-trading platforms.<\/p>\n

Shixin Mao, CEO of crypto custodian Cobo, stressed that Western banks are reluctant to provide services to Web3 companies due to tightening regulatory regimes in the United States.<\/p>\n

In October 2022, the Hong Kong Financial Services and Treasury Bureau published a statement on the easing of restrictions on cryptocurrencies<\/a> and readiness to engage with virtual-asset service providers.<\/p>\n

In January 2023, Hong Kong’s Financial Secretary Paul Chan said the readiness of the jurisdiction to accept crypto companies<\/a> from around the world. He noted that authorities had recently completed work on the licensing regime for the industry.<\/p>\n

In February, Chan said that Hong Kong will allocate $6.4 million in the annual budget<\/a> to accelerate the development of the Web3 ecosystem. The funds will also be directed to support the G-Rocket accelerator<\/a>, which started operating earlier this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hong Kong banks, including a unit of the state-owned Bank of Communications, have begun taking crypto companies as new clients, according to WSJ.<\/p>\n","protected":false},"author":1,"featured_media":77313,"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":[1229,832],"class_list":["post-77312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-hong-kong"],"aioseo_notices":[],"amp_enabled":true,"views":"33","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77312","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=77312"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77312\/revisions"}],"predecessor-version":[{"id":77314,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77312\/revisions\/77314"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/77313"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=77312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=77312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=77312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}