Chinese Banks Want to Offer Services to Hong Kong-based Crypto Companies

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Several Chinese banks, such as Shanghai Pudong Development Bank, Bank of Communications, and Bank of China, have opened accounts or requested cooperation with Hong Kong-based crypto firms, according to Bloomberg and informed sources.

Sean Lee, co-founder and CEO of Odsy Network, has stated that Hong Kong’s subsidiaries could capitalize on the turbulence of the US’s TradFi, however, he has cautioned that the geopolitical climate may discourage non-Asian projects from engaging in business with Chinese banks.

In anticipation of the launch of the new licensing regime for crypto firms in June 2023, the Hong Kong Securities and Futures Commission (SFC) launched a public consultation on new requirements for digital asset trading platform operators in February.