Hang Seng Bank Limits Crypto Companies to Simple Accounts

Despite the Hong Kong government making efforts to establish the territory as a crypto hub, local crypto companies are having difficulty in securing corporate bank accounts.

According to a report from the Hong Kong Economic Journal, the director of commercial and customer services at HSBC-owned Hang Seng Bank stated that, while crypto companies licensed by the Securities and Futures Commission (SFC) can open an account, it will be a “simple” one with limited services.

This is despite the Hong Kong Monetary Authority’s (HKMA) encouragement of major banks such as HSBC, Standard Chartered and Bank of China to accept crypto exchanges as clients.

While representatives from HSBC and Standard Chartered have claimed there is ongoing dialogue about such matters, a hang-up in policymaking and limited staffing at the SFC have blocked further progress.