Hong Kong authorities remind banks not to be too hasty in rejecting digital asset clients

1. Regulatory stance on digital assets in Hong Kong Hong Kong's Securities and Futures Commission (SFC) has issued a regulatory reminder to banks and financial institutions not to be too hasty in rejecting clients involved in digital assets. The SFC expressed that it will not tolerate the "blanket refusal" of banking services to clients from the digital asset industry and encouraged banks to assess the risks and compliance of each client individually. 2. Recent developments in digital asset industry in Hong Kong Recently,the SFC has approved digital asset exchange licenses to several companies and has been actively promoting the development of a regulatory framework for digital assets in Hong Kong. PwC Hong Kong has also launched a new crypto trading platform aimed at institutional investors. 3. Challenges faced by banks in providing services to digital asset clients Banks face a number of challenges in offering services to clients from the digital asset industry. These include potential risks related to money laundering,compliance with regulatory frameworks and identifying the beneficial owners of digital assets. However,the SFC has emphasized that each client should be assessed individually and not be declined banking services simply based on their involvement in the digital asset industry.

source https://titdoi.com/news/Hong-Kong-authorities-remind-banks-not-to-be-too-hasty-in-rejecting-digital-asset-clients