Hong Kong Regulator Says Crypto Firms Claiming to Be Banks Are in Contravention of Banking Ordinance – Regulation Bitcoin News
September 21, 2023
The Hong Kong Monetary Authority said on Sept. 10 that crypto firms presenting themselves as banks are in contravention of the region’s Banking Ordinance. The HKMA argued such descriptions “may mislead members of the public into believing that those crypto firms” are financial institutions that they can trust.
False Descriptions Contravene Banking Ordinance
The Hong Kong Monetary Authority…