Despite the ban on digital currencies, some major Chinese banks continue to invest in crypto-businesses in Hong Kong. Funds from lending institutions with state participation can attract companies whose activities are regulated by the metropolitan authorities.
A Hong Kong branch of the state-owned Bank of Communications is on the list of investors, according to the Wall Street Journal. The giant serves several cryptocurrency companies and is ready to open accounts for other blockchain startups willing to register in a Hong Kong jurisdiction.
Companies can withdraw digital currencies through Hong Kong’s largest online bank, ZA Bank, part of Chinese insurance giant ZhongAn Online P & C Insurance Co.