Some of China’s state-owned banks are welcoming crypto activities in Hong Kong and partnering with companies.
hong Kong’sits effort to become a crypto hub, not just for crypto companies, in china created an opportunity for many state-affiliated banks. Despite the extensive services for crypto-related activities in China, Chinese banks, to establish partnerships in Hong Kongand regulated started to prioritize crypto companies. He noted that the Hong Kong branch of the Chinese state-owned Communication Bank is collaborating with several cryptocurrency businesses registered in the city. According to other news on the subject reflected in the press bank is in talks to open accounts on behalf of regulated companies
Banking Activities Accelerate
Controlled by Chinese internet insurance company ZhongAn Online P&C Insurance and ZA Bank, Hong Kong’s largest virtual bank, to act as clearing services for crypto companies . In addition, ZA Bank will facilitate the investment and withdrawal transactions of fiat currencies together with banks.
In addition to providing account services to cryptocurrency businesses, these banks are responsible for token deposits on authorized exchanges. The Hong Kong dollar will serve as settlement banks to enable withdrawals in Chinese yuan and US dollars.Hong Kong, which has gained momentum in recent weeks with its crypto services, continues to take place in the crypto industry globally.
