Hong Kong presses banks to provide services for crypto companies

Virtual asset firms struggle to open accounts despite city's push to become hub

Hong Kong authorities are attempting to create a welcoming environment for crypto-related businesses even as other cities and countries cool on the industry. © AP

PAK YIU, Nikkei staff writer

May 2, 2023 16:27 JST

HONG KONG -- Hong Kong regulators are urging banks to provide services to virtual asset companies as the city pushes to establish itself as a hub of the crypto industry.

The regulators stopped short of telling banks themselves to trade cryptocurrencies like Bitcoin, but told them to allow crypto-related companies to open accounts to facilitate normal business operations, such as paying salaries and rent.