Hong Kong ATMs Must Be Excluded From Coming AML Regulations, Group Says
The government’s plan to regulate cryptocurrency exchanges in Hong Kong could mean ATMs may also be off-limits, the group claims.
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Crypto proponents in Hong Kong say incoming cryptocurrency regulations could preclude citizens from using Bitcoin ATMs. The Bitcoin Association of Hong Kong is appealing to regulators to consider the impact of incoming laws on the city’s digital innovation agenda. In November, Hong Kong’s government announced plans to ban retail cryptocurrency trading as part of a broader money laundering crackdown.According to the South China Morning Post on Dec. 24, the proposed crypto regulations could also extend to Bitcoin automated teller machines. In a consultation paper published in November, the....
Hong Kong has finally gotten some bitcoin ATMs, and the first of which is making its debut at the Mr. Bing cafe in the central part of the city, according to a press announcement we received. Access to the machine opened at 7:30AM local time on Friday, and it will allow users to use traditional fiat currency to purchase bitcoin in a matter of seconds. Specifically, we're told that the location of the machine was chosen for maximum visibility, "on the Midlevel escalators." The Lamassu-made ATM is being operated by Bitcoin Group HK, a five-member team, each who have been long-term residents....
Brick and mortar crypto exchanges are common in Hong Kong, but concerns remain around uncertain regulations that could demolish these shops entirely. Hong Kong, one of the most significant and leading financial centers in the world, has played a large role in the development of cryptocurrencies. For instance, the Chinese territory has birthed some of the most established and successful crypto companies to date including the crypto derivatives exchange FTX, along with the digital asset platform Crypto.com. Yet, as trillions of dollars are traded regularly through crypto exchanges founded in....
The Bitcoin businesses in Hong Kong are finding it difficult to navigate through complex regulations, damaging the region's cryptocurrency ecosystem. Hong Kong is one of the Asia’s finest fintech destinations. But the same can’t be said for the Bitcoin market anymore. According to a recent article in one of the leading Chinese dailies, Bitcoin businesses are slowly dying in the region. Once considered a prolific market for cryptocurrencies, the sector has since then been stifled by strict regulations and red tape. Entrepreneurs in the digital currency industry who once flocked to Hong Kong....
The first batch of Robocoin ATMs destined for the Far East is expected to land in Taiwan and Hong Kong later this month. The company is planning to expand its presence in Europe and North America, but for now, eight new units are receiving final touches and they should ship to Asia sometime in January. The company noted that it is heading to "bitcoin-hungry" markets in Asia, namely Taiwan and Hong Kong. It is not clear whether mainland China will get any bitcoin ATMs soon, given its clampdown on bitcoin operators last month. "Bitcoin demand in Asia is amazing," said Robocoin CEO Jordan....