According to a report by Hong Kong's Wen Wei Po on December 23, Crypto Panda, a virtual asset exchange store near Tsim Sha Tsui MTR station, stated that the vast majority of its customers are from mainland China. Customers can purchase USDT with cash or exchange digital currencies for Hong Kong dollars or US dollars. Any transaction exceeding 10,000 Hong Kong dollars requires identification documents. Some cryptocurrency insiders revealed that Hong Kong's open attitude towards virtual currency transactions attracts a large number of mainland customers. However, since stablecoins like USDT cannot be traded directly on licensed exchanges, auxiliary operations are needed through spot channels like Bitcoin and Ethereum.
In addition, if mainland investors need to bring cash back to the mainland after cashing out in Hong Kong, they must comply with customs regulations: the maximum limit for carrying Renminbi is 20,000 yuan per person per trip. If choosing bank transfer, detailed explanations of the source and purpose of the funds are required to ensure compliance with regulatory requirements.
