Hong Kong’s central bank issued a statement to call on the banking industry to provide services to crypto firms.
The Hong Kong Monetary Authority (HKMA) has «actively discussed with banks» in recent months to remind them that there is «no legal and regulatory requirement prohibiting banks in Hong Kong from providing banking services to virtual asset-related entities,» according to a statement.
«I am confident that banking services will continue to keep up with the market developments,» said HKMA deputy chief executive Arthur Yuen.
Risk-Based Approach
According to the HKMA, a risk-based approach should be adopted by banks rather than a «one-size-fits-all» approach when it comes to rejecting account opening applications.
The central bank said it also expects banks to continue «stepping up staff training on account opening» and allocating additional resources to set up dedicated channels for the account opening process.
Joint Roundtable
In addition to the issuance of a separate circular to clarify «possible misinterpretations by banks in respect of [customer due diligence]» as well as share some past cases and sound practices, the HKMA also jointly organized a roundtable today with the Securities and Futures Commission (SFC) to exchange views.
«As a regulator, the HKMA will actively participate in the formulation and implementation of international standards, and provide guidance to banks from time to time to help them carry out [anti-money laundering] measures in a balanced and proportionate manner,» Yuen added.
