Several Chinese banks are reportedly seeking to offer financial services to crypto firms in Hong Kong despite a crypto blanket ban in mainland China. Hong Kong has been active lately in crypto regulation and plans to have a new licensing regime for crypto exchanges this June. 

America out China in?

New information has surfaced via a March 27 report by Bloomberg stating that Chinese banks, including Bank of China LTD, the Bank of Communications Co., and Shanghai Pudong Development Bank, are lining up to support crypto establishments in Hong Kong.

One source stated that a Chinese bank sales representative even visited a main office of a crypto company to pitch banking services despite the current ban. Reports have also been surfacing that China could be on the way to reconsidering the blanket ban on cryptos.

Such developments would be vital, considering that some lawmakers in the US are not so happy with the crypto space. They are using enforcement measures to regulate the space, charging crypto exchanges and platforms heavily for not registering while not offering chances for them to do so.
However, the readoption of crypto in China is still unconfirmed and only time will tell how far it will go and the role it might play in revitalizing the crypto space. Keep watching Fintech Express for updates on this and other financial technology-related news.