-1.18% Bitcoin (BTC) 96991.6 EUR
-2.73% Ethereum (ETH) 3431.95 EUR
-2.87% Litecoin (LTC) 84.41 EUR
+0.26% B-Cash (BCH) 479.44 EUR
-1.47% Ethereum (ETH) 0.0357237 BTC
-1.69% Litecoin (LTC) 0.00087971 BTC
+1.52% B-Cash (BCH) 0.00496718 BTC
-1.27% Bitcoin (BTC) 114081.4998 USDC
+0.17% USD Coin (USDC) 0.85 EUR
-2.09% Chainlink (LINK) 15.57 EUR
-1.46% Chainlink (LINK) 0.00016091 BTC
-2.78% Dogecoin (DOGE) 0.16 EUR
-1.70% Dogecoin (DOGE) 0.00000173 BTC
-2.49% Uniswap (UNI) 5.52 EUR
-1.74% Uniswap (UNI) 0.00005696 BTC
-2.32% Cardano (ADA) 0.56 EUR
-0.85% Cardano (ADA) 0.0000058 BTC
+0.13% Tron (TRX) 0.25 EUR
+1.14% Tron (TRX) 0.00000265 BTC
-0.33% Shiba Inu (SHIB) 0.00000889 EUR
+1.43% Zcash (ZEC) 285.19 EUR
0.00% Zcash (ZEC) 0.0004242 BTC
0.00% TradeFlow (TFLOW) 0.12216892 BUSD
-1.88% Arbitrum (ARB) 0.3227 USDC
-2.37% Chainlink (LINK) 17.95 USD
-2.67% Chainlink (LINK) 18.01802 USDC
-2.69% Uniswap (UNI) 6.336 USDC
-1.34% Ondo (ONDO) 0.63 EUR
-1.72% Ondo (ONDO) 0.73597 USDC
-1.56% Gala (GALA) 0 EUR
-1.44% Gala (GALA) 0.01092 USDC
-2.88% Wormhole Token (W) 0.06 EUR
-3.02% Wormhole Token (W) 0.0706 USDC
-0.67% Chiliz (CHZ) 0.02 EUR
-0.79% Chiliz (CHZ) 0.03232 USDC
+0.27% Sand (SAND) 0.18 EUR
+0.32% Sand (SAND) 0.2149 USDC
-2.05% Aave (AAVE) 195.91 EUR
-2.66% Aave (AAVE) 228.13 USDC
-3.59% Curve DAO (CRV) 0.46 EUR
-4.01% Curve DAO (CRV) 0.5358 USDC
+1.34% Immutable X (IMX) 0.45 EUR
+1.42% Immutable X (IMX) 0.5329 USDC
0.00% Skale (SKL) 0.07 USDC
-2.01% Beam (BEAM) 0 EUR
-3.07% Beam (BEAM) 0.00504 USDC
0.00% Axelar (AXL) 1.05 USDC
-0.96% Livepeer Token (LPT) 4.31 EUR
-1.21% Livepeer Token (LPT) 5.025 USDC
-2.63% Compound (COMP) 31.36 EUR
-2.66% Compound (COMP) 36.55 USDC
-1.03% Coti (COTI) 0.02 EUR
-1.18% Coti (COTI) 0.0334 USDC
0.00% Portal (PORTAL) 1.1 USDC
-2.63% Sushi (SUSHI) 0.44 EUR
-3.36% Sushi (SUSHI) 0.5205 USDC
-1.80% Pepe (PEPE) 0 EUR
-2.11% Pepe (PEPE) 0.00000695 USDC
-2.77% Optimism (OP) 0.37 EUR
0.00% Polygon (MATIC) 0.2 EUR
-2.84% Solana (SOL) 167.88 EUR
-2.27% Solana (SOL) 0.0017264 BTC
-1.46% Solana (SOL) 0.048451 ETH
+0.92% USD Coin (USDC) 0.75 GBP
0.00% USD Coin (USDC) 1 USDT
0.00% USD Coin (USDC) 145.58 JPY
0.00% USD Coin (USDC) 4.25 PLN
0.00% USD Coin (USDC) 10.93 SEK

Hong Kong crypto firms seeing interest from Chinese banks: Report

03-27-2023

Several Chinese banks have been seeking to offer services to crypto firms in Hong Kong, despite a ban on crypto on the Chinese mainland.

Crypto firms setting up in Hong Kong ahead of a new licensing regime for crypto exchanges in June have reportedly found some unexpected allies in the region — Chinese state-owned banks.

According to a March 27 report from Bloomberg, Chinese banks including Shanghai Pudong Development Bank, the Bank of Communications Co., and Bank of China Ltd. have either started offering banking services to crypto firms in Hong Kong or made inquiries with crypto firms, according to "people with knowledge of the matter."

One source claims that a Chinese bank sales representative even visited a crypto firm's main office to pitch banking services. This is all despite an ongoing crypto ban in China.

Cointelegraph reached out to Shanghai Pudong Development Bank, the Bank of Communications Co., and Bank of China Ltd for further comment, but did not receive a reply before publication.

Asked for comment, Julia Pang, Head of Banking Relations at Hong Kong-based crypto trading platform OSL told Cointelegraph that her firm welcomed “growing interest from Chinese banks in engaging with the regulated crypto industry." 

"This development is encouraging for both the industry and the broader ecosystem, as it demonstrates a maturing understanding of the crypto sector by traditional financial institutions," she said.

A spokesperson for the firm said they couldn't currently provide a comment on whether the firm had been approached by any state-owned Chinese banks. 

In October last year, the government of Hong Kong floated the idea of introducing its own bill to regulate crypto, and Hong Kong's Securities and Futures Commission (SFC) released a proposal for a regime for cryptocurrency exchanges on Feb. 20, set to take effect in June.

According to a Feb. 20 report, it is also understood that representatives from the China Liaison Office have been frequenting Hong Kong crypto gatherings.

Source: Cointelegraph.