Hong Kong’s financial center status along with its location next to the Chinese mainland makes it a popular area for those interested in blockchain and digital currencies. Influentials in the crypto ecosystem often stop by. If you are in the crypto space it is an ideal destination to fly to and make some connections especially if you can spend some extra time touring Shenzhen. Miners and mining equipment are plentiful in China and Hong Kong peers into the Chinese crypto ecosystem.
Genesis Block
A dedicated over the counter electronic currency exchange trading floor and crypto/blockchain coworking space. Use cash to convert to many crypto currencies. There are also many ATMs outside.
Bitcoin ATMs
Hong Kong is dotted with bitcoin ATMs as well as ATMs for converting physical fiat currency into other digital currencies such as buy cash and Etherium and Bitcoin cash. ATM fees are not always transparent and some ATMs are 24 hours and some are not so research closely before you go.
Crypto Exchanges
Online crypto exchanges based out of Hong Kong have also sprung up including OKCoinand ANX.
Blockchain meet ups
Blockchain events in Hong Kong happen all the time and you will find them on meetups or eventbrite.
The Bitcoin Association of Hong Kong also organizes events.
Fintech Incubator
They Hong Kong government Cyberport is now supporting and incubating Fintechs. This government support helps promote blockchain in the city. The government of Hong Kong seems very supportive of blockchain based technology and keeps regulation favorable.
Blockchain Conferences
Attend Blockchain conferences such as Token2049. The first instance of this conference sold out very quickly. It is a sure thing that more Blockchain conferences will be organized here.
Also just heard about the Immutable Blockchain Summit that was held in Hong Kong.
Podcasts to Prepare yourself
Lots going on with Blockchain in the ASIA region and here are some podcast interviews to get you started.
– Jason Goldberg on Simple Token
– Jehan Chu on Hong Kong and Crypto Currencies
– Max Ward OpenPort Logistics
Thanks to Chris Moore for his insight and feedback on the Hong Kong blockchain scene.
Article original published on NowShenzhen.
This Article was mentioned on brid-gy.appspot.com
On July 16th 2018, you will be limited to bringing 120,000HKD to Hong Kong without declaring it when crossing the border from Shenzhen by ferry, train, airport etc. Previously there was no limit to the to the amount of cold hard cash you could bring into the Hong Kong Special Administrative region.
This now explains the plethora of currency exchange shops all around Hong Kong and the many Bitcoin ATMs.
The “Cross-boundary Movement of Physical Currency and Bearer Negotiable Instruments Bill” is being put in effect as an anti money laundering (AML) protection.
It is not clear at this time if this covers crypto currencies and if you need to declare your Bitcoin Wallet.
Declaration
If you have more than 120,000HKD worth of currency then you should take the Red Channel and make a written declaration.
Borders
This law applies no matter how you get into Hong Kong however if you take the following borders you can take the Red Channel and declare:
Lo Wu
Hung Hom Station
Man Kam To boundary
Sha Tau Kok boundary
Hong Kong-Macau Ferry Terminal
China Ferry Terminal
Lok Ma Chau boundary
Hong Kong International Airport
Tuen Mun Ferry Terminal
Shenzhen Bay Port Hong Kong port area
Lok Ma Chau Spur Line
Kai Tak Cruise Terminal
Ocean Terminal
Penalty
If you do not declare your currency you could end up with a penalty of up to two years in prison or a maximum fine of 500,000HKD.
China Customs Cash Limit
When crossing back into Shenzhen you still need to remember that you are limited to 20,000RMB or 5,000USD equivalent before you have to declare at the Chinese customs.
Full details in the SCMP.
Details on many countries customs cash limits. (As of this writing not updated for Hong Kong)
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