The Hong Kong Monetary Authority reminded local banks that there is no legal and regulatory requirement prohibiting them from providing banking services to virtual asset or VA-related entities.
This follows reports of account opening difficulties, with some citing banks rejecting applications over concerns regarding money laundering and perceived risks.
Arthur Yuen Kwok-hang, deputy chief executive of HKMA, said it is understandable that banks may exercise more caution when processing account opening applications for VA businesses that present higher anti-money laundering risks. But as the regulatory regime for VA activities in Hong Kong is implemented and the supervisory regimes strengthen globally, the HKMA expects VA service providers to apply for bank accounts through a reasonable process.
Meanwhile, Securities and Futures Commission chief executive Julia Leung Fung-yee said the regulator will release guidelines on the licensing regime for VA exchanges next month.
