The HKMA emphasized that only licensed institutions are permitted to use the term "bank" in their operations. The misuse of this terminology by unlicensed crypto firms could mislead consumers and violate local regulations, specifically the Banking Ordinance.
Specific Cases: In a recent press release, the HKMA pointed out that two overseas crypto firms had made misleading claims, including referring to themselves as banks and describing their products in banking terms, such as "deposits" and "ban