Hong Kong legislator Wu Jiezhuang: Most Web3 companies settling in Hong Kong have difficulties in opening bank accounts in Hong Kong

According to Sing Tao Daily, Hong Kong Legislative Council Web3 and Virtual Asset Development Subcommittee Chairman Ng Kit Chong, in this month to the Web 3.0 industry survey, today (8) announced the results of the survey, found that most of the Web 3.0 companies settled in Hong Kong, in Hong Kong to open a bank account has difficulties, which in the virtual bank account opening, but also be required by the company's shareholders or directors to come to Hong Kong for many times, the requirement to have fixed When opening a bank account in a virtual bank, the company's shareholders or directors are required to come to Hong Kong several times, to have fixed deposits, and the handling fee is high. Wu Jiezhuang said, in the virtual bank account has been easier than traditional banks, but these Web 3.0 companies after a long time of procrastination is still unable to open an account, is undoubtedly the fatal injury to their business in Hong Kong, suggested that the Government and banks in the feasibility of relaxing the conditions.

Wu Jiezhuang team in the past few days, visited more than 120 in 2022 to settle in Hong Kong Web 3.0 companies, 83% of the company's industry involves virtual assets; 95% of the company's virtual bank account in Hong Kong, of which nearly 70% of the company has been virtual bank requires shareholders or directors to come to Hong Kong for many times, and 60% of the company was required to have a fixed deposit; 54% of the company in six months or more can open an account, nearly 20% is between two months and five months can open an account, and 54% can open an account within two months or more, and nearly 20% can open an account between two months and five months. Nearly 20% are between two months and five months to open an account, three percent were rejected.

Wu Jiezhuang frankly Web 3.0 development is too fast, every quarter there are new business out, there are different new fraud cases, I believe that the bank for these virtual assets involved in the company's lack of understanding, and the relevant business is too small, the bank may not be willing to put talent, technology, resources for the review, an obstacle to the development of banks in the Web 3.0. Asked whether Web 3.0 companies will be unable to open an account and leave, he believes that there must be, but still not the majority, emphasizing that these companies are depending on where the conditions are good to go. He pointed out that the world is changing, and hoped that Hong Kong would welcome the relevant companies in terms of policy, and at the same time provide sufficient support for them to settle down.