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Hong Kong Central Bank Urges Crypto-Friendly Banking

The Hong Kong Monetary Authority (HKMA) has issued a circular on April 27th instructing authorized institutions, also known as “AIs,” to provide banking services to cryptocurrency firms while adopting a risk-based approach to Anti-Money Laundering (AML) measures. This circular comes as a noteworthy move towards legitimizing cryptocurrencies in the region and bridging the gap between traditional banking and the rapidly growing digital assets industry. The HKMA’s directive is part of its broader efforts to regulate the cryptocurrency market in Hong Kong. This move is a critical step towards the integration of cryptocurrencies into the mainstream financial system in Hong Kong.

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