As Hong Kong Web3 aims to ascend to the throne, how can banks bear the weight of compliance?

Hong Kong’s virtual asset trading platforms are facing significant hurdles in opening bank accounts, prompting ongoing communication between Hong Kong’s banking institutions and the Hong Kong Monetary Authority (HKMA). On June 19th, Eddie Yue, the Chief Executive of HKMA, acknowledged the issue, stating that there has been communication between the authorities and banks, but the “pressure felt during communication is different for everyone.” Last week, HKMA pressured HSBC, Standard Chartered, and Bank of China to accept cryptocurrency exchanges as clients. This is not the first time HKMA has urged banks to address the issue, having previously sent letters to banks on April 27th. Despite Hong Kong’s favourable policies towards the Web3 industry, implementing them has proven challenging due to the compliance requirements and regulatory framework of banks not being adapted to the needs of emerging businesses. <a href="https://medium.com/@OKGResearch/as-hong-kong-web3-aims-to-ascend-to-the-throne-how-can-banks-bear-the-weight-of-compliance-2f7860967bbc">Visit Now</a>