A virtual asset exchange shop in Tsim Sha Tsui, Hong Kong, is thriving, with most customers coming from mainland China.
A virtual asset exchange shop in Tsim Sha Tsui, Hong Kong, is thriving, with most customers coming from mainland China. Cash can be exchanged for USDT, or vice versa, digital currencies can be exchanged for Hong Kong dollars or US dollars. However, transactions over ten thousand Hong Kong dollars require presenting an ID.
Hong Kong has a relatively relaxed attitude towards virtual currencies, attracting many customers from mainland China. However, USDT cannot be traded directly on legitimate exchanges; it must first be converted into Bitcoin, Ethereum, etc., and then exchanged again. It’s a bit like taking a detour to buy groceries; it takes a bit of effort, but you can always get what you want.
When cashing out from Hong Kong back to mainland China, the cash limit is twenty thousand yuan. If it’s a bank transfer, the source and purpose of the funds must be clearly stated and comply with regulations. This is similar to when you buy a large item abroad and have it shipped home; you must declare it and pay taxes, you can’t do it secretly.
Therefore, this virtual currency trading in Hong Kong seems free, but there are hidden rules. The regulations are there; if you want to play, you must follow the rules. This is not a joke.
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