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HKMA reassures banks on virtual asset services


Hong Kong Monetary Authority (HKMA) has reassurefd banks there are no legal barriers to serving virtual asset (VA)-related entities, addressing reports of account opening difficulties for such businesses. Deputy Chief Executive of HKMA, Arthur Yuen Kwok-hang, emphasized that while banks may exercise caution for higher-risk VA businesses, the regulatory environment for VA activities in Hong Kong will improve as supervisory regimes strengthen globally. HKMA anticipates a reasonable process for VA service providers to apply for bank accounts moving forward. In addition, Securities and Futures Commission Chief Executive Julia Leung Fung-yee announced that the regulator will release guidelines on the licensing regime for virtual asset exchanges next month.

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