Recently, the virtual currency market in Hong Kong has been exceptionally hot, attracting numerous investors, especially mainland users who are flocking in, hoping to convert virtual currency through Hong Kong channels.
However, with the surge in cashing out demands, the Hong Kong Customs quickly introduced new regulations. According to the Hong Kong Wen Wei Po, mainland investors can only take a maximum of 20,000 RMB back to the mainland each time after converting virtual currency into cash in Hong Kong. Whether carrying cash directly or settling through other means, as long as the amount exceeds the limit, the funds entering the country will be obstructed.
This regulation has had a significant impact on the market. Hong Kong was originally a popular area for global virtual currency trading, known for its loose policies and active market, attracting a large number of investors. However, after the new regulations were implemented, those involved in large transactions were most affected, facing huge challenges in fund turnover.
Although Hong Kong previously provided a good policy environment in the field of virtual currency, this new regulation clearly sets a barrier for investors' fund circulation. How to break through this limitation has become a hot topic in the current virtual currency market, and all parties are actively seeking solutions.
