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Hong Kong mulls second meeting to urge banks to support crypto firms


Hong Kong regulators are organising a second meeting in two months to urge banks to offer services to crypto firms, as the city aims to become a leading international crypto hub. The conference will host banks, crypto platforms, and other industry stakeholders to address the difficulties faced by crypto companies in securing banking services. The primary challenge is the strict enforcement of know-your-customer and anti-money laundering regulations. Despite launching a new licensing system for crypto exchanges, banking access, talent shortages, and the industry’s ongoing crisis are hindering Hong Kong’s ambitions. The recent global scrutiny of the crypto sector, coupled with legal actions against major crypto firms, have added to the sector’s challenges.

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