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New regulations on virtual currency cashing out in Hong Kong, only 20,000 can be withdrawn at a time. It's tough for us in the crypto circle.

Recently, the virtual currency market in Hong Kong has been booming, like a big magnet attracting many investors. Friends from the mainland are rushing there, all wanting to use Hong Kong's channels to convert their virtual currency into real cash.

However, with many people wanting to cash out, the demand is high. Hong Kong customs saw this situation and immediately introduced a new regulation. This has made it difficult for mainland investors.

According to the Hong Kong Wen Wei Po, now mainland investors can only bring back a maximum of 20,000 RMB each time after cashing out virtual currency in Hong Kong. Whether you carry cash directly or want to settle in another way, if you exceed this amount, forget about smoothly bringing the money back to the mainland.

As soon as this regulation came out, the impact was significant. Hong Kong was originally a major hub for global virtual currency trading, with a relaxed policy and an active market, attracting many people to trade here. But now that the new regulation is in place, its status as a trading center is somewhat in jeopardy. Many investors, especially those involved in large transactions with ample funds, find their capital turnover suddenly hindered.

Although Hong Kong previously had a favorable policy environment for virtual currency, allowing everyone to play comfortably, this new regulation is like a hurdle blocking some investors from transferring funds. Therefore, figuring out how to avoid this restriction has become the most concerning issue in the virtual currency market recently, with everyone looking for solutions.

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