The Hong Kong Monetary Authority (HKMA) has issued a warning to users that crypto businesses presenting themselves as banks and using banking terminology could be violating the region’s banking laws.
In a press release, the HKMA said that using certain banking terms may be misleading the public, causing users to think that the crypto firms are authorized banks in Hong Kong. However, the central bank highlighted that under the region’s banking laws, only licensed institutions are allowed to carry out banking or deposit-taking businesses in Hong Kong.