Hong Kong central bank warns against crypto firms using banking terms

The Hong Kong Monetary Authority (HKMA), the special administrative region’s central bank, has issued a warning to users that crypto businesses presenting themselves as banks and using banking terminology could be violating the region’s banking laws. 

In a press release, the HKMA said that the use of certain banking terms may be misleading the public, causing users to think that the crypto firms are authorized banks in Hong Kong. However, the central bank highlighted that under the…

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