Special administrative region affiliated to the Asian giant China Hong Kongwants to get ahead of its rival Singapore in the crypto competition. USA and much of the world is putting pressure on the crypto sector, but incentives are visible in Eastern financial centers.
Financial regulator, Hong Kong Monetary Authority HKMA, is encouraging banks to turn to digital assets. According to media reports, HKMA gave a briefing for crypto startups to become bank customers. Giant banks such as HSBC and Standard Chartered, cryptocurrency has great concerns about working with their exchanges.
An unidentified person told the press that although there was encouragement, senior bank executives showed resistance. However, Hong Kong authorities are making efforts to relieve banks in this regard.
Why Don’t Banks Want the Cryptocurrency Industry?
Although the crypto money industry is still in its infancy, it has come a long way in a short time. Except for companies, only the total market value of Bitcoin and altcoins is expressed in trillions. Although an industry with such a large presence whets the appetite of financiers, traditionalists are worried.
- The end of traditional finance. Popular with the crypto industry DeFi, major competitor for banks. The ability of individuals to transact without any intermediary buyers may have frightened banks.
- Regulations and black money. Although there is no ban on crypto capital in many parts of the world yet, states are putting pressure. In addition, illegal activities carried out through digital assets carry risks for banks. Despite the size of the capital, the banks, which do not want to take the risk of sanctions, do not take kindly to deposits.
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.