Hong Kong’s push to become a crypto hub has found a very surprising ally in Chinese state-owned banks.
has opened an opportunity for not just crypto companies but many state-affiliated banks in China as well. The Chinese banks have shown interest in building partnerships and onboarding regulated crypto companies in Hong Kong, despite a blanket bank on crypto-related activities in mainland China.
The Hong Kong arm of Bank of Communications, a state-owned major bank in China, is collaborating with several cryptocurrency businesses registered in the city and is in talks to open accounts for more regulated businesses, according to aApart from the Bank of Communications, ZA Bank, Hong Kong’s largest virtual bank, controlled by Chinese internet insurer ZhongAn Online P&C Insurance Co., will together act as the settlement bank for the crypto companies.
in opening or expanding their business in the city. The government’s crypto push has attracted some surprising allies in the form of Chinese banks and funds.
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