The Hong Kong units of Bank of Communications Co., Bank of China Ltd. and Shanghai Pudong Development Bank have begun offering services to local cryptocurrency companies or have made requests to do so.

Local companies in the crypto industry have traditionally had difficulty opening corporate bank accounts, and the moves by these government lenders reflect China’s support in trying to boost the digital asset industry in Hong Kong.

China banned cryptocurrency transactions on the mainland in September 2021, while Hong Kong began developing the sector by issuing documents in October. The city is seeking to re-establish its position as an international financial center for digital assets and companies involved in the development of the Internet through decentralized blockchain, known as Web3.

More than 80 foreign and mainland Chinese companies have expressed interest in establishing Web3 in Hong Kong ahead of new cryptocurrency regulations that will take effect in June.

Hong Kong Finance Minister Paul Chan said last month that the government is allocating HK$50 million (US$6.37 million) to develop the sector, which he calls a “golden opportunity” for innovation.