Can I buy and sell Bitcoin in Hong Kong?

Hong Kong has legally allowed the buying and selling of Bitcoin since 2014. Hong Kong’s Securities and Futures Commission (SFC) regulates virtual asset trading platforms, requiring them to obtain licenses and comply with regulatory requirements, including customer due diligence, anti-money laundering and counter-terrorism financing measures, and risk management. As of March 2023, trading platforms such as AAX, BitMEX, Crypto.com, Gate.io, Huobi, and OKX have obtained licenses. It should be noted that Bitcoin is considered a commodity in Hong Kong and is not subject to capital gains tax on its purchases and sales, but trading platform income may be taxed.

#Is buying and selling of Bitcoin allowed in Hong Kong?

Answer: Yes

Details:

Hong Kong has allowed the buying and selling of Bitcoin since 2014 . Hong Kong’s Securities and Futures Commission (SFC) regulates virtual asset trading platforms to protect investors and ensure financial stability.

Regulatory Framework:

The SFC has developed a regulatory framework that requires virtual asset trading platforms to obtain licenses and adhere to specific compliance requirements, including:

• Customer Due Diligence (KYC): Platforms must authenticate customers and collect other relevant information.
• Anti-money laundering and counter-terrorist financing measures: Platforms must take measures to prevent money laundering and terrorist financing activities.
• Risk Management: Platforms must implement robust risk management measures, including risk assessment and contingency plans.

Licensed trading platform:

In Hong Kong, only trading platforms that have obtained an SFC license can provide virtual asset trading services. As of March 2023, there are the following licensed trading platforms:

• AAX
• BitMEX
• Crypto.com
• Gate.io
• Huobi
• OKX

Tax Considerations:

In Hong Kong, Bitcoin and other virtual assets are considered commodities. There is therefore no capital gains tax on buying and selling Bitcoin. Income from ただし and virtual asset trading platforms may be taxed.

Steps to Buy Bitcoin:

To buy Bitcoin, you can follow these steps:

1. Select a licensed virtual currency Asset trading platform.
2. Create an account and complete the KYC procedure.
3. Fund your account.
4. Place an order to buy Bitcoin.

Note:

• Virtual asset investment carries high risks.
• Please conduct your own research and understand the potential risks before investing in Bitcoin or any other virtual asset.

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