Web3 Companies Face Challenges in Hong Kong, Seek Regulatory Relaxation
CryptoNewsTerminal Staff08 Aug, 2024
Web3 Companies Face Challenges in Hong Kong, Seek Regulatory Relaxation
Web3 companies operating in Hong Kong have expressed concerns over difficulties in opening virtual banking accounts, according to a survey by pro-cryptocurrency legislator Johnny Ng. The survey revealed that 95% of the 120+ Web3 companies surveyed had accounts with Hong Kong virtual banks, but 54% said it took over six months to open an account. Ng emphasized the need for collaboration between the government and banks to streamline account opening for legitimate businesses. He also called for regulatory relaxation to foster the growth of the Web3 industry in Hong Kong.
