Chinese State-Owned Banks Seek Hong Kong Crypto Business Despite Account Difficulties
China's state-owned banks' Hong Kong branches are actively soliciting crypto business, in anticipation of the first phase of the Special Administrative Region's regulatory framework in June. However, opening an account with them is burdensome, and the KYC/AML process is longer than opening a regular business account. Banks prefer that executives and key personnel at the crypto company reside in Hong Kong, and a definite blocker would be if they are mainland Chinese nationals or U.S. citizens.
