渣打香港 CEO: Willing to Open Accounts for Crypto Firms Amid Evolving Virtual Asset Landscape
The future of virtual assets in Hong Kong is gaining momentum, and traditional financial institutions are beginning to take notice. With the Hong Kong Monetary Authority (HKMA) rolling out its Virtual Asset Service Provider (VASP) licensing regime in June 2023, the city has taken a clear step toward integrating digital assets into its established financial ecosystem. Despite the regulatory framework being progressively implemented, reports have continued to surface about banks hesitating—or outright refusing—to open accounts for cryptocurrency businesses.
However, a significant shift may be underway.
👉 Discover how traditional banks are adapting to the rise of digital finance.
Virtual Assets as a Core Financial Component: A Strategic Outlook
In a recent development, Zaccho Chan, CEO of Standard Chartered Hong Kong, affirmed the bank’s openness to serving virtual asset firms—provided they meet strict compliance standards. Speaking to Sing Tao Daily, Chan emphasized that the bank views virtual assets as a potentially vital segment of the future financial landscape.
Standard Chartered has established a dedicated framework for evaluating and onboarding crypto-related businesses. According to Chan, any virtual asset company that satisfies due diligence, anti-money laundering (AML), and risk management requirements will be considered for banking services. The bank has already processed several successful applications in this space, demonstrating a practical commitment to engagement.
That said, caution remains high when it comes to cryptocurrencies lacking underlying value or tangible support. In such cases, the bank exercises heightened scrutiny—aligning with broader financial stability concerns.
This stance contrasts with some international banks operating in Hong Kong. As The Wall Street Journal reported earlier this month, at least two global banks have internally decided to avoid any direct involvement with crypto trading activities. Many others remain reluctant to hold customer funds for crypto exchanges, citing reputational and compliance risks.
Regulatory Push: Breaking Down Banking Barriers
Despite these hesitations, regulators are stepping in to bridge the gap. The HKMA has repeatedly urged banks not to adopt a blanket refusal policy toward crypto firms. Deputy Chief Executive Edwin Tong previously clarified that there is no legal prohibition in Hong Kong preventing banks from offering services to licensed cryptocurrency companies. He warned against “one-size-fits-all” denials, stressing that each application should be assessed on its merits.
To address the persistent issue of “banking access difficulties,” government authorities have taken direct action. The HKMA and Securities and Futures Commission (SFC) have jointly organized multiple roundtable meetings between crypto exchanges and major banks. Attendees included representatives from CitiBank, DBS Group, HSBC, Standard Chartered, Bank of China, and China Construction Bank, indicating high-level engagement across the financial sector.
These dialogues aim to foster mutual understanding—helping banks feel more confident in onboarding compliant virtual asset firms while ensuring exchanges meet stringent regulatory expectations.
Industry Response: Cautious Optimism from Other Banks
While Standard Chartered leads with a proactive approach, other local banks are signaling cautious alignment with regulatory expectations.
👉 See how financial institutions are navigating the new era of digital asset compliance.
Hayden Lam, Head of Commercial Banking at Hang Seng Bank, noted that the institution is following the “overall direction” set by regulators. He confirmed that enterprises granted an Applicant-in-Principle (AIP) approval by the SFC can now open basic corporate bank accounts. However, Lam added that the bank has not received many such requests—partly because securing AIP status itself is a rigorous and time-consuming process.
This reflects a broader reality: while regulatory pathways exist, operational hurdles remain. For startups and offshore companies seeking to establish a foothold in Hong Kong’s growing digital asset market, gaining both licensing and banking access requires significant resources and transparency.
Why Banking Access Matters for Virtual Asset Growth
Access to traditional banking is not just a convenience—it’s a cornerstone of legitimacy and operational viability for virtual asset platforms. Without bank accounts, exchanges struggle to:
- Facilitate fiat on-ramps and off-ramps
- Manage payroll and operational expenses
- Build trust with retail and institutional users
- Comply with financial reporting standards
When banks refuse service, even licensed and regulated firms face existential challenges. Therefore, the willingness of institutions like Standard Chartered to engage under clear criteria marks a pivotal moment in Hong Kong’s journey toward becoming a global digital asset hub.
Moreover, as global interest in tokenized assets, stablecoins, and blockchain-based finance grows, Hong Kong’s hybrid model—combining innovation with oversight—could serve as a blueprint for other financial centers.
👉 Explore the future of compliant crypto banking and financial integration.
Frequently Asked Questions (FAQ)
Q: Why are some banks still refusing to open accounts for crypto companies?
A: Many banks remain cautious due to concerns over money laundering risks, reputational damage, and unclear compliance protocols. Although no law bans such services, risk-averse policies often lead to blanket rejections unless firms meet strict KYC and AML standards.
Q: What is an Appellant-in-Principle (AIP) license?
A: Issued by the SFC, AIP status indicates that a virtual asset platform has met preliminary licensing requirements. It allows firms to proceed with preparations like securing office space and banking relationships while finalizing full compliance.
Q: Can offshore crypto companies open bank accounts in Hong Kong?
A: Yes, but it’s challenging. Offshore entities must demonstrate strong governance, regulatory alignment, and transparent ownership structures. Local incorporation and SFC engagement significantly improve chances.
Q: What role does the HKMA play in crypto banking access?
A: The HKMA doesn’t license crypto firms directly but oversees banks’ risk management practices. It encourages banks to support compliant VASPs and has facilitated dialogues to reduce friction between traditional finance and digital asset sectors.
Q: How does Hong Kong’s approach compare to other financial hubs?
A: Hong Kong stands out by combining proactive regulation with market openness. Unlike jurisdictions with outright bans or lax oversight, it aims for balanced growth—similar to Singapore or Switzerland, but with a stronger link to mainland China’s financial ecosystem.
Q: What are the key compliance requirements for crypto firms seeking bank accounts?
A: Banks typically require proof of licensing progress (e.g., AIP), robust AML/CFT frameworks, audited financials, clear corporate structure, and evidence of secure custody solutions for digital assets.
Final Thoughts: Building Bridges in Digital Finance
Hong Kong’s ambition to become a leading virtual asset hub hinges not just on regulation—but on real-world financial inclusion. The stance taken by Standard Chartered reflects a growing recognition that digital assets are no longer fringe experiments but potential pillars of modern finance.
As more institutions adopt structured, risk-based approaches to onboarding crypto businesses, the ecosystem will mature. With continued collaboration between regulators, banks, and innovators, Hong Kong could set a global benchmark for safe, sustainable digital finance integration.
The message is clear: for compliant players in the virtual asset space, the doors are beginning to open.
Core Keywords: virtual assets, crypto banking, VASP licensing, Hong Kong regulation, AIP license, digital asset hub, anti-money laundering (AML), financial integration