TechFlow reported on December 23 that according to the Wen Wei Po, Crypto Panda, a virtual asset exchange store located near Tsim Sha Tsui MTR station in Hong Kong, said most of its customers are from mainland China. Customers can use cash to purchase USDT or exchange cryptocurrencies for Hong Kong dollars or U.S. dollars. Any transaction exceeding HK$10,000 requires presentation of identity documents. Some cryptocurrency insiders revealed that due to Hong Kong's open stance toward crypto trading, it has attracted a large number of mainland clients. However, stablecoins such as USDT cannot be directly traded on licensed exchanges and must be handled through spot channels like Bitcoin or Ethereum.
In addition, mainland investors who cash out in Hong Kong and wish to bring cash back into the mainland must comply with customs regulations: the maximum limit for carrying RMB per person per trip is 20,000 yuan. If opting for bank transfers, they must provide detailed explanations of the source and purpose of funds to ensure compliance with regulatory requirements.
