Hong Kong Regulator Orders HSBC, Standard Chartered To Tap Crypto Clients
Portfolio Pulse from Anusuya Lahiri
Hong Kong's banking regulator has urged banks, including HSBC and Standard Chartered, to take on crypto exchanges as clients despite recent collapses. The regulator wants banks not to burden potential customers with due diligence, especially those setting up an office in Hong Kong.
June 15, 2023 | 11:35 am
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NEUTRAL IMPACT
HSBC faces pressure from Hong Kong's banking regulator to take on crypto exchanges as clients, despite concerns over money laundering and illegal activities.
The news of Hong Kong's regulator urging HSBC to take on crypto exchanges as clients may not have a significant short-term impact on the stock price. However, it could lead to potential partnerships and increased business in the long run, but also exposes the bank to risks associated with the crypto industry.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 80
NEUTRAL IMPACT
Standard Chartered faces pressure from Hong Kong's banking regulator to take on crypto exchanges as clients, despite concerns over money laundering and illegal activities.
The news of Hong Kong's regulator urging Standard Chartered to take on crypto exchanges as clients may not have a significant short-term impact on the stock price. However, it could lead to potential partnerships and increased business in the long run, but also exposes the bank to risks associated with the crypto industry.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 80
POSITIVE IMPACT
Coinbase was invited by a pro-Beijing lawmaker to set up in Hong Kong following the SEC lawsuit, as Hong Kong aims to attract more crypto groups to the city.
The invitation for Coinbase to set up in Hong Kong could have a positive short-term impact on the stock price, as it signals potential expansion and growth opportunities for the company in the Asian market. However, the overall impact may be limited due to the ongoing regulatory concerns.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60