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Chinese state-owned banks are setting up shops in Hong Kong and offering banking services to cryptocurrency companies ahead of the implementation of a new licensing framework for cryptocurrency exchanges in June. This comes despite China's ongoing prohibition of cryptocurrencies. Banks offering services include Shanghai Pudong Development Bank, Bank of Communications Co., and Bank of China Ltd. The move is seen as a sign that Beijing supports the city's efforts to become a major digital asset center, and Hong Kong has been successful in promoting the acceptance of cryptocurrencies.