Thread by @CryptoKingKeyur

🚨 BREAKING: 🇭🇰 Hong Kong Govt Pressures Banking Giants to Accept #Crypto Clients 🚀

HSBC, Standard Chartered, and Bank of China under Fire 🔥

A thread 🧵

1️⃣ Incredible! Hong Kong's central bank is pushing major banks to embrace #crypto exchanges as clients.

2️⃣ Just last month, the Hong Kong Monetary Authority (HKMA) issued a circular, urging banks to be more open to the #crypto market.

👉 Now they're asking why banks like HSBC and Standard Chartered aren't accepting crypto exchanges.

3️⃣ The HKMA wants to support #crypto firms, also known as "virtual asset service providers," by granting them access to banking services.

👉 But some senior executives at traditional banks are hesitant.

4️⃣ While Hong Kong takes a pro-#crypto stance, exchanges in the United States are facing regulatory challenges.

👉 Just days ago, the SEC sued #Binance and Coinbase, shaking the industry.

5️⃣ But not everyone is on board with the #crypto revolution.

👉 Resistance from traditional bankers is real.

6️⃣ Hong Kong Legislative Council member Johnny Ng openly supports Coinbase and even invites them to set up shop in Hong Kong.

https://twitter.com/johnny_nkc/status/1667499874521350144

7️⃣ Hong Kong is stepping up its game by enacting new #crypto regulations.

👉 Licensed firms can now serve retail investors, allowing them to trade cryptocurrencies like #Bitcoin and Ether.

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https://twitter.com/cryptokingkeyur/status/1669264363595927552