TechFlow news, April 27 — Norman Chan, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), published an article titled "Seizing Opportunities • Addressing Account Opening Challenges," stating that in recent months the HKMA has actively engaged in discussions with banks and clearly emphasized that there is no legal or regulatory requirement prohibiting banks operating in Hong Kong from providing banking services to virtual asset-related entities.
With the progressive implementation of Hong Kong's regulatory framework for virtual asset activities, alongside enhanced global regulation aligned with international standards, banks’ understanding of the virtual asset industry continues to deepen. We expect that regulated virtual asset service providers will progressively succeed in opening bank accounts through reasonable procedures. To address anticipated demand and streamline the account opening process, the HKMA will later today issue a circular to banks, further clarifying industry questions regarding customer due diligence requirements, and sharing case examples and good practices for reference. Additionally, tomorrow the HKMA will co-host a roundtable meeting with the Securities and Futures Commission, bringing together the banking sector and selected virtual asset-related institutions for direct dialogue on the issue of difficulty in opening accounts, and to exchange useful information.
