#Breaking: According to the Hong Kong financial services regulator, crypto firms engaged in this practice are in contravention of #HongKong’s #BankingOrdinance. #cryptoregulation #banks

The Hong Kong Monetary Authority (HKMA) has told crypto firms to desist from the practice of falsely describing themselves as banks or characterizing their products as “deposits.” According to the Hong Kong financial services regulator, crypto firms engaged in this practice are in contravention of Hong Kong’s Banking Ordinance. https://news.bitcoin.com/hong-kong-regulator-says-crypto-firms-claiming-to-be-banks-are-in-contravention-of-banking-ordinance/?utm_source=news&utm_medium=social_shares&utm_campaign=news_article_social_shares via @BTCTN