Bitcoin Bull Run Imminent? HK Central Bank Issue Crypto Advisory

Also Read: Hong Kong Regulator To Release Crypto Exchange Rules; Will US SEC Follow?

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Hong Kong To Frame Crypto Easy Rules?

According to Hong Kong Monetary Authority release, the institution has had discussions with banks and clarified that there is no such legal and regulatory requirement that prohibits banks from providing banking services to virtual assets (VA).

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It added that Banks have been informed to cling to a “risk based approach” at the time of managing customer due diligence (CDD). It is advised to avoid unnecessary procedures and desist from adopting a “one-size-fits-all” approach to dismiss crypto related applications.

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The Hong Kong Monetary Authority mentioned that as the pandemic comes to an end, several companies are keen to relocate and open bank accounts in the country. It is estimated that the banks might face an increase in demand for accounting opening applications. However, it is also expected that the banking institutions might reject applications due anti-money laundering (AML) reasons. Read More Bitcoin News Here…

Also Read: Cardano Price Surges While Altcoins Shrink; Here’s Why

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