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, […]