The Hong Kong Monetary Authority (HKMA) has cautioned that crypto businesses using banking terminology may be violating banking laws in the region. The HKMA emphasized that only licensed institutions are permitted to engage in banking activities in Hong Kong, and using terms like "crypto bank" or "digital asset bank" could mislead the public. The central bank also warned that funds placed in these "crypto banks" are not protected by the region's deposit protection scheme.
Hong Kong Monetary Authority Warns Crypto Firms Away from Banking Language
Sep 18, 2023