Amid the banking meltdown in the U.S., which significantly hit the cryptocurrency sector, China’s largest banks started offering their services to global crypto companies opening offices in Hong Kong.
Hong Kong arms of the Bank of Communications, the Bank of China, and the Shanghai Pudong Development Bank began actively offering banking services to cryptocurrency firms already operating or planning to open offices in the jurisdiction. This is reported by Bloomberg, citing its own sources.
In comments to Bloomberg, representatives of local crypto businesses said that support from China’s major banking institutions “means a lot” to the sphere and makes Hong Kong’s business landscape more attractive to blockchain companies. Some local banks also claim to be “Web3-friendly,” such as ZA Bank.
The local banking industry has previously been less receptive to digital assets, as crypto companies noted in comments to Bloomberg. The ongoing changes seem to be part of an unspoken policy by the Chinese government to set up a big crypto hub in Hong Kong. What’s more, recent statements by local officials suggest that this policy is already paying off, and over 80 foreign companies involved in digital assets have shown interest in expanding their presence in Hong Kong.
According to studies, Hong Kong is best prepared to widely adopt crypto initiatives and is one of the ten most crypto-friendly jurisdictions in the world.
