With the release of cryptocurrencies in Hong Kong, Chinese citizens are flocking to the region to trade Bitcoin (BTC) and cryptocurrencies.
According to a recent Financial Times article Hong Kong residing outside the region after the government of the region allowed the trading of Bitcoin and cryptocurrencies within the region. Chinese citizens, for cryptocurrency trading to travel started.
Citizens across China to trade in cryptocurrencies blocking access various prohibits exists. However Hong Kong in this respect from all over China different one attitude trading cryptocurrencies by monitoring policies to support he is driving. This situation, living outside the region and cryptocurrency to buy and sell without access Chinese citizens to Hong Kong to travel led to
Authentication not implemented
Citizens traveling to Hong Kong, operating in the region and subject to regulations buy and sell on online cryptocurrency exchanges they couldn’t for over-the-counter (OTC) more so-called Small large-scale trading to their centers is heading. These centers are based on exchanges regulated by Hong Kong regulators. much less being audited and generally any proof of identity (KYC) to customers does not apply. Companies, to attract the attention of citizens from outside the region. do not apply authentication and quite in a short time can open an account from emphasizing does not fall back.
Anyone with enough capital can open it
Investment company operating in the region of Daiwa Capital Markets Head of Blockchain Research Carlton Lithat the large number of OTC crypto companies established are largely unregulated and by anyone with adequate capital. can be easily installed expressed.
OTC crypto company operating in the region Crypto HK founder Merton Lamthe total demand for company services previously from 5% With the reopening of the shared borders between China and Hong Kong in February, few of them are citizens from outside the region. to 50% reported as high.
On the other hand, some OTC crypto companies infrequent inspections. service to Chinese citizens coming from outside the region. not to give Said it was continuing. in the region 9 OTC crypto company with branch office One Satoshi co-founder Roger Linew requests for company services 30% of He stated that it was created by citizens outside the region. The founder also recently increased the regulations across China. crypto will evolve to the positive side and to serve these citizens that they can start He said he was thinking.
A short trip is all it takes to gain access to crypto.
A citizen residing outside of Hong Kong, last june made in a month on a trip some amount Tether (USDT) to Hong Kong if he needs it again. 90 minutes a trip you can afford told.
on the other hand david If another citizen named for investment about this when he returns while stating that he has bought cryptocurrencies afraid of being judged for last name to give refusal attracted attention.