The Beijing Municipal Public Security Bureau has announced its intention to sell cryptocurrencies confiscated in criminal cases through licensed exchanges in Hong Kong. To implement this plan, the authorities have signed an agreement with the China Beijing Equity Exchange (CBEX), which will coordinate the sale of the assets. This is reported by Bits Media.
The sale process will be conducted through regulated platforms in Hong Kong that meet strict anti-money laundering (AML) requirements. Agencies involved in the transactions are required to provide a deposit of 110% of the asset value, and all transactions must be documented and completed within 24 hours. The specific exchanges that will be involved have not yet been named, but there are 10 licensed platforms operating in Hong Kong.
This step highlights the contrast between the strict ban on cryptocurrencies in mainland China and Hong Kong's ambitions to become a global crypto hub. Previously, China had already sold confiscated bitcoins, for example, 194,000 $BTC in the PlusToken case in 2019.
Such an approach may impact the digital asset market by attracting the attention of investors. Stay updated on the crypto industry news and join the discussion!
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