TechFlow reports, on November 15, according to an official announcement, the Hong Kong Monetary Authority (HKMA) has urged the public to remain vigilant against certain overseas crypto-asset institutions that are not licensed banks in Hong Kong. These institutions are claiming to be "banks" in Hong Kong or using the term "bank" when describing their products or services, which may violate the Banking Ordinance.
The HKMA has noted that two overseas crypto-asset institutions, neither of which are licensed banks in Hong Kong, recently held events in Hong Kong. During these events, one was reported to have referred to itself as a "bank," while the other described its card-related products on its website as "bank cards." The HKMA is concerned that such statements could mislead consumers into believing these institutions are licensed banks in Hong Kong and regulated by the HKMA, or that their products and services are provided by licensed banks in Hong Kong.
The HKMA reminds the public that crypto-asset institutions not recognized in Hong Kong are not regulated by the HKMA. The use of the term "bank" in the name of an overseas institution, or claims by an overseas "crypto bank" to be licensed elsewhere, does not mean it is a licensed bank in Hong Kong. Furthermore, products or services bearing the term "bank" are not necessarily offered by licensed banks in Hong Kong.
