03-27-2023 icon

Hong Kong crypto companies recording profit from Chinese financial institution: Report

By Lucy Adegbe
Hong Kong

Digital currency companies opening in the Hong Kong territory pending a fresh authorization era for digital currency trading platforms in June have allegedly discovered some partners in the region.

As published by Bloomberg on Monday, China-originated commercial banks like the Shanghai Pudong Development Bank and the Bank of China Ltd have either begun rendering financial services to digital currency companies, as verified by knowledgeable parties.

According to a source, a Chinese financial institution’s trade mediator already paid a visit to a digital currency company’s headquarters to make business deals.

As noted by Cointelegraph, the enlisted banks, inclusive of the Shanghai Pudong Development Bank have withheld statements to validate the alleged business dealings with the digital currency companies.

Also, a representative from the Hong Kong-located digital currency exchange protocol OSL highlighted that the protocol is not in any position to disclose any information to ascertain if they have been approached by any Chinese commercial banking institution.

Previous reports from the past month revealed that mediators from the China go-between agency have regularly attended Hong Kong digital currency meetings.

The executives of Hong Kong, in the past October, suggested the introduction of a digital currency regulatory bill. Following that, the nation’s Securities and Futures Commission, on February 20th, brought out a proposition for the era of digital currency firms and it is to come into force in June.