In the past six months, many domestic OTC merchants have begun to pay attention to the layout of overseas OTC. Here I will discuss the current situation of domestic OTC merchants and how OTC merchants in Hong Kong dollars, US dollars, and euros operate, all practical information.

1、 Can OTC still be done domestically now? Is it still recommended for beginners?

Answer: There are still many people doing well in OTC domestically, most of whom are experienced operators with ample operational experience and many regular clients. A friend (who has 8 stores) said that doing well on the European platform with a principal of 500,000 can earn 500,000 in a year. Beginners are currently not advised to engage, firstly because the European platform's review for merchants from mainland China is particularly strict, and merchants from provinces like Fujian and Henan, where black and gray industries are prevalent, have a very low approval rate (it is best to avoid using identities from these two provinces when applying for European merchants). Secondly, domestic frozen accounts are dealt with harshly, and all bank cards are frozen if they encounter dirty money, facing significant criminal risks for refunds, so beginners without sufficient financial strength and without good support should avoid getting involved.

2、 Which platform is good to operate on now?

Answer: In domestic terms, the European market has a larger volume, but applying for merchants is also the most difficult. Binance merchants are relatively easier to apply for, and the volume is acceptable. Requirements for other smaller platforms are relatively lower.

3、 What is the process for handling Hong Kong dollars, US dollars, and euros?

Answer: Hong Kong registered company → Platform certified corporate account (institutional account) → Open merchant account → Receive and make payments (personal Hong Kong card/electronic account)

The above is the general operating process; specific details are not elaborated here. For more details, please chat privately.

Business Opportunity: Hong Kong's open policy on virtual currency will definitely bring significant opportunities, especially as the deployment of stablecoins has recently been put on the agenda. Once implemented, there will certainly be many opportunities for merchants. Currently, the volume of Hong Kong dollars is not as large as in the domestic market, so profits are relatively lower. However, in the long run, early deployment is undoubtedly a wise choice.

Its biggest advantage is compliance, compliance, compliance. First of all, virtual currency trading in Hong Kong is legal, and using an institutional account for operations is inherently compliant for exchanges.

Conclusion: In terms of the entire market for OTC merchants, it is certain that domestic profits are getting lower and risks are increasingly high. In fact, large OTC players from a few years ago have already become free and no longer need to take risks to operate. Personally, I feel that the golden period has passed. Experienced domestic merchants can consider laying out overseas OTC in advance, as its advantages are self-evident: safety and compliance, and the potential for growth...