The Hong Kong Monetary Authority (HKMA) has warned the public about cryptocurrency companies that pose as banks and use banking terminology, claiming that such conduct may violate the region's banking rules. According to the existing banking rules, only licenced institutions are permitted to engage in banking or deposit-taking activities in Hong Kong, according to the HKMA. Companies that call themselves "crypto banks," "digital asset banks," or "crypto asset banks" and claim to provide banking services or accounts may be breaking the law, according to the central bank. Individuals or enterprises other than authorized institutions are not permitted to use the term "bank".
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