China’s Hong Kong region is on track towards positioning itself as a crypto hub in the Eastern hemisphere.
According to a report by Forkast, the region that has long had a reputation of being a finance and technology hub might issue at least eight virtual asset service provider licenses by the end of the year.
Hong Kong Regulators Set to Meet with Crypto Firms and Bankers to Discuss Financing
Hong Kong, potentially issuing eight virtual asset service provider licenses in 2023, comes hot on the heels of news that its regulators were in the process of scheduling a meeting between crypto firms and bankers.
According to Bloomberg, the meeting is scheduled for April 28th and will be held at the Hong Kong Monetary Authority ‘to facilitate direct dialogue’ and ‘share practical experiences and perspectives in opening and maintaining bank accounts.’ The Hong Kong Securities and Futures Commission will also be in attendance.
Chinese State-Owned Banks are Interested in Crypto and Have the Backing of Beijing
In addition, China’s state-owned banks are reportedly expressing interest in the crypto industry in Hong Kong and have approached several firms concerning banking services.
In particular, Hong Kong-based offices of Bank of Communications Co., Bank of China Ltd. and Shanghai Pudong Development Bank have ‘either started offering banking services to local crypto firms or have made inquiries to the field.’
Furthermore, the crypto push by China’s state-owned reportedly has the backing of Beijing, hinting that it is only a matter of time before Hong Kong achieves its mission of being a crypto hub.
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