The Central Bank of Hong Kong (HKMA) has requested major banks, including the Hong Kong and Shanghai Banking Corporation (HSBC) and Bank of China, to explain why they are not accepting cryptocurrency platforms as clients. This request is believed to come in the midst of increasing interest in and expansion of cryptocurrencies in Hong Kong and worldwide.

According to a report by the Financial Times published on June 15, citing three knowledgeable sources, the Hong Kong Monetary Authority and the Bank of China raised questions during a meeting held in May, querying institutions about the reasons for not accepting cryptocurrency exchanges as clients.

Less than a month ago, on April 27, the Hong Kong Monetary Authority issued a circular to banking institutions, urging them to pay attention to new developments in the market and encouraging them to adopt a more ambitious approach towards new sectors such as the cryptocurrency market.

In the document, the central bank of Hong Kong specifically requested assistance from major banks and institutions in helping companies operating in the cryptocurrency field, referred to as “virtual asset service providers,” to access banking services.

These pro-cryptocurrency pressures in Hong Kong come amid a highly tumultuous regulatory environment for exchanges in the United States.