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Bitcoin News: Bitcoin (BTC), the world’s largest digital asset price went on to recover from 2022’s lows to regain the crucial $30K price level in the presence of erupting banking crisis. However, Hong Kong which is aiming to become a new crypto hub for the globe will be issuing an advisory for the banks regarding cryptocurrency.
Also Read: Hong Kong Regulator To Release Crypto Exchange Rules; Will US SEC Follow?
Hong Kong To Frame Crypto Easy Rules?
According to Hong Kong Monetary Authority release, the institution has had discussions with banks and clarified that there is no such legal and regulatory requirement that prohibits banks from providing banking services to virtual assets (VA).
It added that Banks have been informed to cling to a “risk based approach” at the time of managing customer due diligence (CDD). It is advised to avoid unnecessary procedures and desist from adopting a “one-size-fits-all” approach to dismiss crypto related applications. Read More Bitcoin News Here…
The post Bitcoin Bull Run Imminent? Hong Kong Central Bank Issues Crypto Advisory For Banks appeared first on CoinGape.
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