Hong Kong is one of the Asia’s finest fintech destinations. But the same can’t be said for the Bitcoin market anymore. According to a recent article in one of the leading Chinese dailies, Bitcoin businesses are slowly dying in the region.. Once considered a prolific market for cryptocurrencies, the sector has since then been stifled by strict regulations and red affcrypto.de: Gautham. Coinbase makes it easy to exchange Bitcoin, Ethereum, and Litecoin in Hong Kong. Prices. Learn. Products. Company. Earn crypto. Get $+ Sign in. Get started. Hong Kong Convert and store cryptocurrency on Coinbase. Coinbase is the most trusted place for crypto in Hong Kong. Easy, safe, and secure Join 30+ million customers. Bitcoin & Cryptocurrency Trading in Hong Kong Hong Kong has been bustling with Bitcoin activity ever since China decided to clamp down on cryptocurrencies, with several exchanges moving their base from the mainland to this autonomous territory.
Hong kong bitcoin marketBitcoin Market Continues to Slip Away from Hong Kong
Users may advertise trades for whichever payment method they prefer. Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country, including the United States , Europe besides Germany , UK , Singapore, Canada , Australia and many more.
We may receive compensation when you use LocalBitcoins. Please visit LocalBitcoins for its exact pricing terms. You can fund your exchange account online via bank transfer. OKCoin is the largest Bitcoin exchange in China. Customers can make deposits to their exchange accounts via bank transfer.
Huobi is the third largest Bitcoin exchange in China. You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. Hong Kong has been bustling with Bitcoin activity ever since China decided to clamp down on cryptocurrencies, with several exchanges moving their base from the mainland to this autonomous territory.
However, the government did warn people of the volatility of Bitcoin and that it is a highly-speculative product. As it turns out, the Hong Kong special administrative region has now formalized regulations with an aim of protecting investor interest in light of the drop in Bitcoin prices and potential frauds. One of the easiest ways to buy Bitcoin in Hong Kong is through cryptocurrency exchanges.
You can refer to our guide on Bitcoin exchanges in Hong Kong to select one based on different criteria such as transaction fees, withdrawal limits, payment methods, security, reputation, and ease of use. However, some exchanges might require you to get a cryptocurrency wallet first in order to store the Bitcoin purchased. Also, it is advisable to use a separate wallet for security reasons so that users can protect themselves against potential exchange hacks. Once you have a wallet, you can easily purchase Bitcoin on an exchange of your choice and transfer the tokens to the wallet.
In fact, Hong Kong is flush with 61 Bitcoin ATMs, making it really easy for anyone looking to buy Bitcoin to simply turn up at one of the machines and quickly purchase the digital tokens in a fast and anonymous manner using cash. On the other hand, steps are being taken by start-ups like Pundi X to boost the number of locations where people can spend their Bitcoin.
In July last year, Pundi X had completed the trial of its Bitcoin point-of-sale device and was on track to deploy some of the devices in Hong Kong. It tied up with an organic food restaurant chain in the country where customers can pay using Bitcoin. The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use.
Atomic wallet is a multicurrency mobile wallet with a beautiful interface and easy to use features. Electrum is a Bitcoin-only wallet that has been around since It's easy to use, but has advanced features. In , the Dash Foundation as well as Bitcoin Hong Kong issued warnings to their audience that both had noticed several websites popping up claiming to them. These websites were clearly scams pretending to speak for Bitcoin Hong Kong and the Dash foundation and should be ignored and reported to authorities.
To date, 5 individuals connected to the scam have been arrested, but other may still be at large and perpetuationg similar scams. It later came to light that MyCoin may have never been operating legally in Hong Kong in the first place, which limited the amount of oversight into their operation.
It is now believed that MyCoin never actually facilitated any real trading, but was instead running a Ponzi scheme. The speed of withdrawals became slower and slower as time went on. In fact, lower tier members were told by higher tier members that they needed to recruit more customers in order to get their money out. In August of , , Bitcoins were stolen from the Bitfinex cryptocurrency exchange, a subsidiary of iFinex based in Hong Kong.
Bitfinex is a global exchange, however so this hack did not just affect Hong Kongers. In , several reddit users out of Hong Kong began to notice young attractive women on tinder matching with them and, after sometimes a month of talking, would bring up tips about a new cryptocurrency they were interested in. After baiting the victim, they would convince them to deposit coins on a specific exchange, that would end up being a scam site that just takes you money.
Girls mostly from Hong Kong will play the very long game of leading you to believe they have an inside tip about a new crypto.
They will talk to you for over a month possibly before they bring it up. Other users commented with their own stories, some falling victim and some seeing the scam for what it was. One thing everyone agreed on: these scams were sophisticated and believable and everyone should beware no matter how sceptical you think you are. As with all investing decisions, do your own research and be sceptical of anyone on Tinder claiming to have the inside scoop on hot new coins to buy.
It may be a total scam. Coinbase supports crypto to crypto conversions for Hong Kong. There is no way to trade fiat for crypto while using Coinbase is you are a Hong Kong resident. 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.