Subsidiaries of some major Chinese banks fund Hong Kong-based cryptocurrency companies.
As local media specify, the Chinese financial sector is entering the cryptosphere with the help of Hong Kong businesses, as all types of transactions with digital assets are banned in the PRC. For example, the exchange Huobi is trying to register in the metropolis as a virtual services provider.
Financial giants from China, such as Bank of Communications, Bank of China and Shanghai Pudong Development Bank, have shown interest in the local crypto business. However, Hong Kong blockchain entrepreneurs have expressed dissatisfaction with the lack of funding from the Middle Kingdom.