Johnny Ng, a Hong Kong lawmaker, urged the government and banks to relax certain restrictions on banking services for crypto and Web3 firms, as many of them continue to face difficulties in opening local accounts.

Ng, a member of the Hong Kong Legislative Council, wrote in a post on X today that Web3 companies are facing difficulties in opening bank accounts, “hindering their ability to conduct business effectively.”

“Virtual banks should diversify their services and develop in a complementary manner to traditional banks,” Ng said, adding that Hong Kong should upgrade virtual banks to manage virtual assets, which aligns with the government’s Web3 development goals.

Ng said in a press briefing on Thursday that his team had conducted a survey recently with over 120 crypto and Web3 …