Hong Kong is among the geographies striving to become a digital asset hub. To meet this objective, Hong Kong has initiated efforts to make financing easier for the crypto sector.

Cause

Banks and crypto remain rivals, and even crypto-friendly banks around the world are turning their backs after the collapse of crypto-friendly banks in the US. In such a situation, the relationship between crypto firms and banks is becoming difficult.

Redressal

The Hong Kong administration has organised a meeting for April 28 to share viewpoints through direct dialogue, recognising the need to resolve disputes between crypto firms and banks. Also clarifying the role of regulators, the meeting will be coordinated by the Hong Kong Monetary Authority and the Securities and Futures Commission.

Thoughts

In fact, most activities related to cryptography are banned in China, but a large number of such activities are being carried out in Hong Kong by Chinese citizens. So, Hong Kong authorities think Banking sector should be tried.