Hong Kong Banks Are Netting Crypto Customers as City’s Push Gains Steam



The Hong Kong unit of China’s state-owned Bank of Communications is working with cryptocurrency companies licensed in the city.Photo: Chukrut Budrul/SOPA Images/Zuma Press

HONG KONG–Banks in Hong Kong, including the local unit of a big Chinese state-owned lender, are taking on crypto companies as new customers as the city advances its vision of becoming a digital-assets hub.

Banks have opened deposit accounts for crypto businesses that can be used to support their day-to-day operations, such as paying salaries to employees. Some are going as far as providing crypto trade-settlement services that other lenders have steered clear of because of the potential risks involved.

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