Crypto Firms Mislead Public With ‘Bank’ Claims, Hong Kong Central Bank Warns

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The Hong Kong Monetary Authority (HKMA) has issued a stern warning to cryptocurrency firms against using the term “bank” or describing their products as “deposits.” This move comes amidst growing concerns over potential misrepresentation by crypto businesses, which could mislead the public into believing they are dealing with licensed banking institutions. This development further underscores the importance of clarity and regulation in the rapidly evolving digital asset landscape, a topic that will be extensively discussed at Benzinga’s Future of Digital Assets conference on Nov. 14. The confe…

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