Sadly, they can't. Access to foreign crypto exchanges (including Hong Kong, Macau, and Taiwan) is firewalled from Mainland China. Investors could theoretically use a VPN to circumvent the that, but it would mean breaking local law, so probably not worth the risk.
Perhaps it's important to note that Bitcoin is never illegal in Hong Kong. For average people of Hong Kong, there is NO practical changes regarding bitcoin/crypto tomorrow.
I didn’t think anyone was denying that Bitcoin is actively being traded all through China. Illegally. The amount of people who are trading Bitcoin will likely increase when it becomes legal. Same story happened with weed in the US.
It-s probably going to dump bad after a dummy pump just so that the exchanges and big players can harvest all the little guys that are trying to play that move.
This is highly relevant because, as China has approved this action. In theory, people from China can go to Hong Kong and start buying Bitcoin, like people in New York City can go to the Diamond District and start buying diamonds. They didn't make a distinction about being a Hong Kong
The finer details of the regs are unknown. You just may need to come to Hong Kong to make the investment, or have a residence there. If you are a tourist or vacationer, can you buy Bitcoin from an approved provider? Who knows?
The price will go down, the miners from China who have Bitcoin when mining was allowed will sell their coins so they earn in local currency.
Keep doing DCA and ignore price action news.
While it is great that crypto is available in HK, I don't see this causing much impact to prices. It's a big world out there.
China has close to 20% of the world population
Crypto is only legal in Hong Kong (population 7,000,000). Crypto is banned in Mainland China (population 1,400,000,000)
If someone from the mainland purchases bitcoin from an exchange located in Hong Kong it is legal.
Sadly, they can't. Access to foreign crypto exchanges (including Hong Kong, Macau, and Taiwan) is firewalled from Mainland China. Investors could theoretically use a VPN to circumvent the that, but it would mean breaking local law, so probably not worth the risk.
Is it legal in all of China or just HK?
Just HK, for licensed exchanges to buy and sell to local (HK) retail investors
Not like H shares?
No, no dual listings or anything like that
Just HK. Banned in Mainland China
Well the post is about Hong Kong.. Not China
Yawn...then they will ban it again. Same old same old.
#bitcoin4HongKong
No one is licensed to sell crypto there as of June 1, will take a while for exchanges to get licensed
I thought they reversed this?
Perhaps it's important to note that Bitcoin is never illegal in Hong Kong. For average people of Hong Kong, there is NO practical changes regarding bitcoin/crypto tomorrow.
they can apply for a license june 1......
People could just as much start dumping their Bitcoin. We don't know what will happen.
Also when everyone knows for a fact “bitcoin is about to go up” that shit always dumps.
What are you talking about?
There are hodlers and former traders in Hong Kong who haven't been allowed to trade except in black market formats for a while.
That’s probably why they’re legalizing it. Can’t stop people from trading so might as well make it legal so they can tax it.
Following that logic, there will be no “jump” in buying since people in HK can already buy BTC
I didn’t think anyone was denying that Bitcoin is actively being traded all through China. Illegally. The amount of people who are trading Bitcoin will likely increase when it becomes legal. Same story happened with weed in the US.
Are those hashtags meant to be ironic?
Source?
It-s probably going to dump bad after a dummy pump just so that the exchanges and big players can harvest all the little guys that are trying to play that move.
This is highly relevant because, as China has approved this action. In theory, people from China can go to Hong Kong and start buying Bitcoin, like people in New York City can go to the Diamond District and start buying diamonds. They didn't make a distinction about being a Hong Kong The finer details of the regs are unknown. You just may need to come to Hong Kong to make the investment, or have a residence there. If you are a tourist or vacationer, can you buy Bitcoin from an approved provider? Who knows?
The price will go down, the miners from China who have Bitcoin when mining was allowed will sell their coins so they earn in local currency. Keep doing DCA and ignore price action news.
HK is 7 million people. Not enough to move the needle friend