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Milestone in Cryptocurrency Trading | Hong Kong's First Retail-Oriented Platform Approved
With the announcement in August 2023 that HashKey Exchange has received a virtual asset trading license issued by Hong Kong, the retail trading of tokens in Hong Kong has been legalized. Additionally, HashKey stated that it has partnered with Standard Chartered Bank to provide fiat currency deposit and withdrawal services. This is a milestone for both Hong Kong and the entire industry.
One persistent issue in the cryptocurrency world is that all traditional banks do not support cryptocurrency trading! What do banks fear the most? Not inactive accounts, not low transaction volumes, but money laundering. And cryptocurrency happens to be a paradise for money laundering. The funds in the cryptocurrency world are substantial and move in and out quickly. Due to the regulatory environment lagging far behind the development speed of this new phenomenon, the cryptocurrency space has remained in a state of wild growth!
The fundamental problem in the cryptocurrency sector has always been regulation, not the violations themselves. If a series of transactions in the cryptocurrency world were under transparent regulation, many issues would be readily resolved. Hong Kong is leading the world in this regard. The highly anticipated new regulations for cryptocurrency exchanges in Hong Kong, titled "Guidelines for Operators of Virtual Asset Trading Platforms," have officially come into effect, consisting of a whopping 200,000 words!
The bug of the Hong Kong dollar has thus been born! It can circulate freely with the US dollar while also being pegged to the strong Chinese yuan. When depositing, one can enjoy the benefits of US dollar interest rate hikes, and when doing business, one can benefit from the Chinese yuan interest rate cuts. With support from the world's second-largest economy, Hong Kong has also become a consumption paradise for many wealthy individuals!
But is this really suitable for retail investors? Let’s do the math: if you exchange your money at an offline exchange shop for Hong Kong dollars, you might incur a loss of about 2%; if you deposit Hong Kong dollars in a bank to exchange for US dollars, you might also incur a loss of about 2%. Is that all? Don’t forget, you still have to leave your full identity information with the relevant institutions. Even if everything goes smoothly, how do you plan to bring the money back to the mainland? Exchanging back to your home country? There is an annual limit of only $50,000, and you must provide various proofs.
So why have I been recommending #biyapay ? It’s something that can be fully managed online, and the entire cash-out process complies with regulatory requirements. You can simply search for it in the Google Store; the withdrawal reaches you on the same day, which is very convenient. The best part is that there will be no transaction records left in domestic banks. This means no one can intervene; your money is truly yours, dancing back and forth on the sharp edge of the crackdown, rejecting all limits, non-counter, freezing, and stopping payments.
With the announcement in August 2023 that HashKey Exchange has received a virtual asset trading license issued by Hong Kong, the retail trading of tokens in Hong Kong has been legalized. Additionally, HashKey stated that it has partnered with Standard Chartered Bank to provide fiat currency deposit and withdrawal services. This is a milestone for both Hong Kong and the entire industry.
One persistent issue in the cryptocurrency world is that all traditional banks do not support cryptocurrency trading! What do banks fear the most? Not inactive accounts, not low transaction volumes, but money laundering. And cryptocurrency happens to be a paradise for money laundering. The funds in the cryptocurrency world are substantial and move in and out quickly. Due to the regulatory environment lagging far behind the development speed of this new phenomenon, the cryptocurrency space has remained in a state of wild growth!
The fundamental problem in the cryptocurrency sector has always been regulation, not the violations themselves. If a series of transactions in the cryptocurrency world were under transparent regulation, many issues would be readily resolved. Hong Kong is leading the world in this regard. The highly anticipated new regulations for cryptocurrency exchanges in Hong Kong, titled "Guidelines for Operators of Virtual Asset Trading Platforms," have officially come into effect, consisting of a whopping 200,000 words!
The bug of the Hong Kong dollar has thus been born! It can circulate freely with the US dollar while also being pegged to the strong Chinese yuan. When depositing, one can enjoy the benefits of US dollar interest rate hikes, and when doing business, one can benefit from the Chinese yuan interest rate cuts. With support from the world's second-largest economy, Hong Kong has also become a consumption paradise for many wealthy individuals!
But is this really suitable for retail investors? Let’s do the math: if you exchange your money at an offline exchange shop for Hong Kong dollars, you might incur a loss of about 2%; if you deposit Hong Kong dollars in a bank to exchange for US dollars, you might also incur a loss of about 2%. Is that all? Don’t forget, you still have to leave your full identity information with the relevant institutions. Even if everything goes smoothly, how do you plan to bring the money back to the mainland? Exchanging back to your home country? There is an annual limit of only $50,000, and you must provide various proofs.
So why have I been recommending #biyapay ? It’s something that can be fully managed online, and the entire cash-out process complies with regulatory requirements. You can simply search for it in the Google Store; the withdrawal reaches you on the same day, which is very convenient. The best part is that there will be no transaction records left in domestic banks. This means no one can intervene; your money is truly yours, dancing back and forth on the sharp edge of the crackdown, rejecting all limits, non-counter, freezing, and stopping payments.
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It may be difficult to withdraw funds from Hong Kong in the future.
You can only take away 20,000 yuan each time. Previously, the virtual currency market in Hong Kong was like a piece of tempting fat meat, attracting many people to go there, and friends from the mainland went there one after another, hoping to exchange the virtual currency in their hands for cash. As more and more people want to cash out virtual currency, the Hong Kong Customs quickly introduced new regulations. Now after mainlanders exchange virtual currency for cash in Hong Kong, if they want to bring it back, each person can only carry a maximum of 20,000 yuan each time. Whether it is cash or something else, once this limit is exceeded, the funds cannot enter the mainland smoothly.
Is there a safe way to withdraw U? Of course there is. Small daily consumption. This is the so-called "U card", which has a high loss, usually around 5%. The principle of the U card is equivalent to a prepaid card of the MasterCard channel, which is only suitable for small consumption, such as a limit of 100 yuan, for daily living expenses-gasoline, meals, cigarettes, shopping can be used. The simple understanding is: you give the U coin to the other party, and the other party helps you complete the payment through an overseas company, and finally settles it in RMB to the merchant account. However, this method is obviously not suitable when you need to deal with large amounts of funds.
How can people who have never eaten pufferfish know whether it is delicious or smelly? They may be able to tell you that pufferfish is delicious using probability theory, but that is because they saw others say so on the Internet. How can you really understand if you have never eaten it yourself? Only those who have paid out large amounts of U coins are qualified to discuss the issue of safe withdrawal of U coins. Today, I will list a plan for your reference and choice. Recommend a legal withdrawal APP #biyapay
First of all, we must make it clear that in many foreign countries, currency speculation is a legal investment behavior. This means that the money you earn in the currency circle is not illegal income.
Then you want to withdraw money without worries. First, you can transfer the USDT of the exchange to the#BiyaPaye-wallet, and then exchange it into US dollars or other legal currencies at 1:1 in #BiyaPay, and then withdraw it to banks such as wise or ocbc, and finally directly remit the money back to the mainland bank card or Alipay WeChat.
To complete these, our cost is only to pay some handling fees and exchange losses, and then we can legalize the funds and safely pocket your cryptocurrency trading profits.
You can only take away 20,000 yuan each time. Previously, the virtual currency market in Hong Kong was like a piece of tempting fat meat, attracting many people to go there, and friends from the mainland went there one after another, hoping to exchange the virtual currency in their hands for cash. As more and more people want to cash out virtual currency, the Hong Kong Customs quickly introduced new regulations. Now after mainlanders exchange virtual currency for cash in Hong Kong, if they want to bring it back, each person can only carry a maximum of 20,000 yuan each time. Whether it is cash or something else, once this limit is exceeded, the funds cannot enter the mainland smoothly.
Is there a safe way to withdraw U? Of course there is. Small daily consumption. This is the so-called "U card", which has a high loss, usually around 5%. The principle of the U card is equivalent to a prepaid card of the MasterCard channel, which is only suitable for small consumption, such as a limit of 100 yuan, for daily living expenses-gasoline, meals, cigarettes, shopping can be used. The simple understanding is: you give the U coin to the other party, and the other party helps you complete the payment through an overseas company, and finally settles it in RMB to the merchant account. However, this method is obviously not suitable when you need to deal with large amounts of funds.
How can people who have never eaten pufferfish know whether it is delicious or smelly? They may be able to tell you that pufferfish is delicious using probability theory, but that is because they saw others say so on the Internet. How can you really understand if you have never eaten it yourself? Only those who have paid out large amounts of U coins are qualified to discuss the issue of safe withdrawal of U coins. Today, I will list a plan for your reference and choice. Recommend a legal withdrawal APP #biyapay
First of all, we must make it clear that in many foreign countries, currency speculation is a legal investment behavior. This means that the money you earn in the currency circle is not illegal income.
Then you want to withdraw money without worries. First, you can transfer the USDT of the exchange to the#BiyaPaye-wallet, and then exchange it into US dollars or other legal currencies at 1:1 in #BiyaPay, and then withdraw it to banks such as wise or ocbc, and finally directly remit the money back to the mainland bank card or Alipay WeChat.
To complete these, our cost is only to pay some handling fees and exchange losses, and then we can legalize the funds and safely pocket your cryptocurrency trading profits.
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