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

ChainCatcher news, the chairman of the Hong Kong Legislative Council's Web3 and Virtual Assets Development Subcommittee, Wu Jietzhuang, conducted a survey of the Web 3.0 industry this month. Today, the survey results were announced, revealing that most Web 3.0 companies based in Hong Kong face difficulties in opening bank accounts. Among them, when opening accounts with virtual banks, companies are often required to have shareholders or directors visit Hong Kong multiple times, maintain fixed deposits, and face high fees, taking nearly six months to successfully open an account. Wu Jietzhuang stated that while opening accounts with virtual banks is easier than with traditional banks, the prolonged delays for these Web 3.0 companies to open accounts are undoubtedly a fatal blow to their business operations in Hong Kong. He suggested that the government and banks relax conditions where feasible.