How to Buy Cryptocurrency in Hong Kong
Buying cryptocurrency in Hong Kong
Ever since China decided to come down hard on cryptocurrencies, Hong Kong has been buzzing with Bitcoin activity. There were cases of exchanges relocating their bases from the mainland to this area because of Hong Kong’s non-interventionist system. What’s more, the government didn’t even take much of an interest in cryptocurrencies for a while. John Tsang, the country’s Finance Secretary, described Bitcoin as a commodity that is generated in the virtual world and emphasized that Bitcoin shouldn’t be regarded as electronic money or even a store of value for making payments. The government of Hong Kong even urged its citizens to be wary of Bitcoin and its volatile nature. But the Hong Kong special administrative region did eventually form regulations, aiming to protect investor interest in view of a noticeable drop in Bitcoin prices and possible frauds. Another interesting thing about Hong Kong is that it has 61 Bitcoin ATMs.
As of 20/03/2021
These exchanges all accept customers from Hong Kong. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments