Buy Bitcoin and trade Crypto Currencies in Hong Kong with these Exchanges:
A handful of bitcoin exchanges offer bitcoin purchases in exchange for the Hong Kong dollar. Due to the low number of provider the prices on these exchanges might be higher than on the other international markets, so you might need to consider exchange HKD to USD, JPY or CNY and then purchase bitcoin using these currencies to be cost-efficient.
You can deposit the required amount to the bitcoin exchange using bank wire transfers or through credit card purchases. Hong Kong at present has no regulatory framework ruling bitcoin and cryptocurrencies.
However, existing laws, like anti-money laundering are applicable to bitcoin is as well. The local Hong Kong Monetary Authority treats bitcoin as a virtual commodity and closely monitors its development but does not interfere with the market. One of the most frequently voiced criticisms of crypto currencies could now have been refuted by the Hong Kong tax authorities of all people. Again and again economists, politicians and critics associate Bitcoin with crimes and the financing of terrorism.
In a recent report from Hong Kong on terrorist financing and money laundering, however, the danger of Bitcoin and Co. Since , Bitcoin has only been mentioned times in reports to Hong Kong police. We looked at the report for you. At that time computers were encrypted worldwide, including sensitive devices in hospitals. Decryption was offered in return for a ransom payment in Bitcoin to the authors of the malware. Crypto currencies would hardly play a role in criminal activity.
A mention in the police report does not mean that it actually comes to an offence, emphasizes the tax authorities. With smuggling and drug deals crypto currencies hardly appeared. This is mainly due to the fact that the Hong Kong Special Administrative Region has not imposed any state sanctions for transactions in crypto currencies.
Thus, crypto fans do not have to move outside the law. The report states that the four crypto currencies registered in Hong Kong are subject to intensive monitoring. Hong Kong is dealing with the issue offensively.
Government and financial supervisory authority would clear up the consumers with warnings over the respective risks of crypto currencies. The risk of digital currencies is classified as medium-low. The number of crimes committed with Bitcoin in Hong Kong was comparatively low.
In contrast to China, this is less surprising as China has declared war on crypto currencies. The regulations there point to a ban on all transactions with crypto currencies.
According to the financial expert, the law literally states that one should not take part in any crypto exchange. If only the exchange of crypto currencies is forbidden, this will result in a higher rate of misdemeanours. In Germany, too, efforts are being made for the first time to contain any risks associated with Bitcoin and Co.
Neteller now enables customers to buy, sell and hold crypto currencies. The Neteller brand is a payment service provider of Paysafe Financial Services Limited, a company that enables Internet payments via an e-wallet. The crypto currency service is already active in ten countries. The e-money institute plans to enter 50 further markets. Supported currencies include the Australian, Canadian and US dollars as well as the British pound and the euro.
Entrepreneurs are not deterred by the price slump at Bitcoin. They sense a bargain. Despite the continuing bear market in the crypto sector, merger and acquisition activities have reached record levels, reports CNBC. On the one hand, activities among crypto companies and among companies targeting the underlying technology are on the rise. Deals related to blockchain and crypto currencies increased by over percent on an annual basis, according to data from PitchBook, produced by JMP Securities.
So far, transactions have been made with reference to crypto currencies or blockchain. Last year there were only 47 deals. At that time, the Bitcoin price was almost 20, US dollars. Last it tended with 6. According to the Hong Kong Stock Exchange, existing blockchain laws should apply.
In an investigative report, chief economists at the Hong Kong Stock Exchange and the Innovation Lab investigated the potential of blockchain and AI in the financial sector. In other words, financial transactions of a similar nature should be subject to the same regulation. The principle of stability requires that the issuance of digital currencies and digital funds must be regulated within the existing regulatory framework.
Choose Provider 2: Bitpanda. Choose Provider 3: Gemini. Show more Bitcoin Exchanges. Neteller Neteller now enables customers to buy, sell and hold crypto currencies.
Crypto deals at record level — Bitcoin lull does not scare off investors Entrepreneurs are not deterred by the price slump at Bitcoin. Share your Experiences. October
Popular exchanges in Hong Kong
Anja van Oosterhout Oct 02, Hong Kong exchanged more fiat currency for Bitcoin than ever before last week, in the run-up to the tumultuous 70th anniversary of the Chinese state. Data from monitoring resource Coin Dancewhich tracks volumes on P2P exchanges, confirms that The figure easily beats the previous record of Hrade Bitcoin terms, the number is also impressive, with the BTC equivalent the biggest since April The figures come as Hong Kong continues to face huge political upheaval.
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Right now, thousands of citizens from Hong Kong are protesting certain leaders and opposing a proposed extradition law. Tens of thousands of Hong Kong protestors have filled the streets of downtown Victoria Park and started marching toward government buildings on Sunday, June The ruling would basically allow Chinese authorities to come in and extradite any Hong Kong citizen to mainland China if they are accused of a crime. Everything was fine up until when pro-democracy protests called the Umbrella Movement stirred the Chinese government and things have never been the same since. Crypto proponents believe the current political strife will push more people toward decentralized assets. The protesters demand that Chief Executive Carrie Lam resigns and withdraw her plans to initiate the extradition law. Additionally, a few days ago, Reuters reported that wealthy Hong Kong residents have started moving funds offshore to escape possible economic turmoil. Singapore is the favored destination.
The State of Bitcoin in Hong Kong
Where to buy cryptocurrency Cryptocurrency wallets Bitcoin mining Cryptocurrency news. Use your credit or debit card to buy bitcoin and other cryptocurrency without having to trads your identity. If you're interested in margin trading, see authorised providers. Tidebit Tidebit is the newest of Hong Kong Bitcoin exchanges. While Mycelium Local Trader works great in highly-populated areas, users in low population areas will have trouble finding sellers. Feel on to comment about your experiences, thoughts and additions. Also, it long advisable to use a separate wallet for security reasons so that users can protect themselves against potential exchange hacks. What is your feedback about? According to the financial expert, the law literally states that one should not take part in any crypto exchange. With a focus on tokens linked to the Ethereum network, Ethfinex is an exchange listing several ERC compatible tokens and is owned by the team behind Bitfinex.