Crypto firms setting up in Hong Kong ahead of a new licensing regime for crypto exchanges in June have reportedly found some unexpected allies in the region — Chinese state-owned banks.
According to a March 27 report from Bloomberg, Chinese banks, including Shanghai Pudong Development Bank, the Bank of Communications Co. and Bank of China Ltd., have either started offering banking services to crypto firms in Hong Kong or made inquiries with crypto firms, according to "people with knowledge of the matter.”