Hong Kong urged banks to provide services to licensed virtual-asset firms, part of the city’s push to become a crypto hub and a stance that contrasts with a crackdown on the digital-asset sector in the US.

Banks should support regulated virtual-asset businesses with “their legitimate need for bank accounts” in the city, the Hong Kong Monetary Authority said in a circular late Thursday signed by Deputy Chief Executive Arthur Yuen.

The statement also enjoined lenders to train staff and form dedicated teams to support the digital-asset sector while avoiding a “wholesale de-risking approach” that turns away new industries or certain nationalities.