Hong Kong Steps Up Crypto Regulation with Warnings to Imitation Banks – Here’s What You Need to Know

Today, the Hong Kong Monetary Authority (HKMA) issued a warning to cryptocurrency companies that improperly use the term “bank” in describing their services. 
The authority stated that such wording wrongly suggests these companies are regulated by the HKMA, which is not the case. According to HKMA rules, only organizations with specific licenses can operate as banks in Hong Kong….
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