Chinese banks focus on crypto licensing in Hong Kong

The People's Bank of China has just released a report on Financial Stability, which highlights the progress of cryptocurrency licensing in Hong Kong and the rise of cryptocurrencies as a global trend. The report notes that currently, 51 countries and territories have issued bans on Cryptoassets, while many countries have adjusted their laws to adapt to this trend. The steps taken by the United States, Japan, Singapore, the United Kingdom, and the European Union in establishing clear regulations for the cryptocurrency industry are also mentioned. Hong Kong has implemented a "dual licensing" system for virtual asset trading platforms, classifying cryptocurrencies into Security Tokens and non-Security Tokens. However, Hong Kong has not kept up with Singapore in terms of cryptocurrency licensing, causing difficulties for large exchanges like OKX and Bybit, which have withdrawn their registration applications there. Meanwhile, in mainland China, cryptocurrency trading remains prohibited.