Under the new cash withdrawal regulations in Hong Kong, how can we safely and efficiently handle virtual currency funds?
Recently, the Hong Kong Customs introduced new regulations stating that mainland residents can only bring in a maximum of 20,000 RMB each time after exchanging virtual currency for cash in Hong Kong. This policy undoubtedly poses significant challenges for many friends hoping to liquidate virtual currency through the Hong Kong market. So, in this context, is there a safe and reliable way to cash out? The answer is yes.
Firstly, for small daily expenses, you might consider using a 'U Card'. This card is similar to a prepaid card in the MasterCard network and is suitable for small transactions in the hundred-yuan range, such as refueling, dining, shopping, etc. Although the loss is relatively high, around 5%, it is a convenient choice for daily expenses.
However, when it comes to handling large amounts of money, the U Card is obviously no longer applicable. At this point, you can consider using a legal cash-out app, such as biyapay. In many countries abroad, trading cryptocurrencies is regarded as a legal investment activity, which means that the money you earn in the crypto space is not illegal income. Through
#biyapay , you can transfer USDT from the exchange to an electronic wallet, then exchange it 1:1 for USD or other fiat currencies within the app, and finally withdraw it to banks like Wise or OCBC, and then directly remit it back to mainland bank cards or Alipay WeChat. The entire process only requires paying some fees and exchange losses, allowing for the legalization of funds and secure income.
In summary, in the face of the new cash withdrawal regulations in Hong Kong, we need not worry excessively. Through reasonable choices and operations, we can still handle virtual currency funds safely and efficiently. I hope the above suggestions are helpful to you, and I wish you a broader path in your investment journey in the crypto space!
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