Businesses in and around Hong Kong — particularly ones involved with cryptocurrencies — are upset because they are being denied banking services on a large scale, primarily due to the banks fears of money laundering risks.
A Brief History of Money Laundering
" Money laundering, not surprisingly, is as old as taxation itself. As early as 2000 BCE, Chinese merchants were documented as hiding their wealth from the state to avoid taxation or confiscation, by moving it to remote provinces or even outside of China. "
ok, we know that this problem started years ago and bitcoin did not even exist, we also know that due to the nature of bitcoin and altcoin banks and governments take tough measures, but it does not need to create barriers for people who are related to bitcoin and altcoins, just look at this passage:
The big news here is that the government’s risk assessment for aforementioned SVFs are much higher than with cryptocurrencies. The Hong Kong Police Force (HKPF) notes that they see ‘no apparent sign’ of organized crime, money laundering, or terrorist financing related specifically to the trading of cryptocurrencies.
banks and governments can implement measures that can ensure that the law is not infringed and thus do not denied banking services for people because they use Cryptocurrency
