According to a report by Wen Wei Po in Hong Kong on December 23, Crypto Panda, a virtual asset exchange store near Tsim Sha Tsui MTR Station, stated that the vast majority of customers are from the mainland, who can purchase USDT with cash or exchange Digital Money for Hong Kong dollars or US dollars. Customers need to provide identification documents for any transactions over HK$10,000. Some people in the crypto world revealed that due to Hong Kong’s open attitude towards Virtual Money trading, it attracts a large number of mainland customers. However, as Stable Coins such as USDT cannot be directly traded on licensed exchanges, they need to be assisted through Spot channels such as BTC and ETH.
In addition, mainland investors who cash out in Hong Kong and need to bring the cash back to the mainland must comply with customs regulations: the maximum limit for carrying RMB coins per person each time is 20,000 yuan. If you choose to transfer money through a bank, you need to provide detailed explanations of the source and purpose of the funds to ensure compliance with regulatory requirements.
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