The Hong Kong Monetary Authority (HKMA) has warned crypto firms that it is illegal for any unauthorised company or platform to refer to themselves as a “bank” or deposit-taking business. The regulator has reminded the public that only HKMA-licensed providers can use the term bank or take deposits from the public.Using terms such as digital bank, crypto bank and crypto asset bank contravenes the Banking Ordinance. Other terms such as “savings plans” or “low risk” and “high return” are also not allowed under the law for such unauthorised platforms.The Hong Kong government recently unveiled a crypto framework aimed at transforming the crypto sector. However, the Securities and Futures Commission (SFC) has warned exchanges and other providers against misrepresenting their regulatory status. The regulator also asked exchanges not to offer services and products to investors before completing the process, or extending services not allowed under the law.

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Geography	Asia
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Relevance Score	10
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Companies	None, Hong Kong Monetary Authority (HKMA), Banking Ordinance, Securities and Futures Commission (SFC), Hong Kong Deposit Protection Scheme
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