HKMA Warns Crypto ‘Banks’ Against Misleading Claims
The Hong Kong Monetary Authority (HKMA) has warned virtual asset institutions against falsely claiming to be “crypto banks,” “virtual asset banks,” “digital asset banks,” “digital banks,” or “digital transaction banks” on its website. These institutions must refrain from promoting their services as “banking services” or “bank accounts,” using the term “deposit” to depict customer funds, […]
Crypto Banks Set To Receive Master Accounts From Fed
Wyoming’s crypto banks are expected to face the greatest scrutiny under the U.S. Federal Reserve Board’s established tiered rules for awarding Federal Reserve accounts. The U.S. Federal Reserve Board said on Monday that it has reached a consensus on the criteria reserve crypto banks must take into consideration when evaluating requests for Federal Reserve accounts […]