Cryptocurrencies versus Banks – While the Security and Exchange Commission is constantly launching offensives against digital assets and crypto platforms, on the other side of the planet, the atmosphere is not the same, quite the contrary. Indeed, in Hong Kong, after having attracted the exchanges in its netsthe regulator is asking banks to accept more crypto transactions.
Between Hong Kong and the banks: the pressure is mounting
In the list of bad students, the Financial Times mentions banks such as HSBC, Bank of Chinaor even Standard Chartered. The latter would have been approached by the Hong Kong Monetary Authority (HKMA) to accept crypto transactions and participate in the creation of a crypto hub in Hong Kong.
Therefore, the ” chinese special administrative region – who owns a stablecoin pegged to the US dollar regulated in Asia – would like to be able to really offer the crypto sector a framework conducive to the development of a crypto economy. However, for the moment, the banks would be timid or cautious. The latter do not want to find themselves trapped in a new scandal afterwards. at FTX.
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Cryptocurrencies, the new nightmare for banks?
This fear of cryptocurrency underlined by the HKMA reports a weakness of due diligence, English term concerning the verification of a project and its legitimacy. Encouraged to “not be afraid”, the financial policeman develops:
“There is resistance from a conventional banking mindset… We are seeing some resistance from senior management in traditional banks (…) We remain very engaged on the policies and developments of this nascent industry in Hong Kong. »
It should be noted at the margin that the comments of the banks in question are still timid, even absent. However, certain clues show us that these banks would allow themselves to be persuaded very slowly, such as the Bank of Chinawho launched its first ETFs on Ethereum in Hong Kong this week.
One would have thought this phenomenon unimaginable a few months ago. But, it is indeed happening before our eyes. Coinbase, then prodigal son of the country of Uncle Sam, aware of this widening divide, was even attracted by the independent Chinese territory inviting my crypto platform to flee the anti crypto war led by the Biden administration across the Atlantic.
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