As Hong Kong proceeds ahead with the ambition to become the crypto hub in Asia, the regulators are taking swift measures to foil any suspicious crypto trading activities happening over-the-counter (OTC).
Hong Kong’s Crypto Shops Face Closure Amid Crackdown
Official estimates reveal approximately 450 shops, ATMs, and online platforms across Hong Kong offering such services. These outlets play a significant role in facilitating over-the-counter (OTC) crypto trades, constituting a substantial portion of the $64 billion in digital asset transactions flowing through the city in the year ending June, as per Chainalysis data.
Concerns have arisen regarding the potential involvement of some crypto shops in illicit activities. This includes aiding Chinese nationals in circumventing foreign transfer restrictions and facilitating fraudulent schemes targeting investors.
In response, Hong Kong authorities are devising a licensing framework under the customs department. This framework will mandate
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