Chinese state-owned banks have emerged as backers for Bitcoin businesses establishing operations in Hong Kong.Chinese state-owned banks have reportedly proven to surprise supporters of cryptocurrency companies by setting up shops in Hong Kong.
The banks offering services include Shanghai Pudong Development Bank, the Bank of Communications Co., and Bank of China Ltd. This is one of several indications that Beijing supports the city’s efforts to become a major digital asset center. The Hong Kong Securities and Futures Commission on 20 February presented a proposal for a regime for cryptocurrency exchanges, slated to take effect in June after the Hong Kong government raised the notion of presenting its bill to regulate cryptocurrencies in October of last year.