Golden Finance reported that according to Hong Kong media Wen Wei Po, half of the cryptocurrency exchange shops in Hong Kong do not require real-name registration. A reporter recently visited more than a dozen commonly known cryptocurrency exchange shops (OTC) in Hong Kong and found that USD is the most popular among various cryptocurrencies. Hong Kong currently lacks regulation on OTC, and about half of the exchange points allow cash to be exchanged for cryptocurrency without the need for real-name registration. This cuts off the fund tracking route, and law enforcement agencies can no longer trace the fund destination. These exchange shops currently do not need to submit transaction reports to law enforcement agencies.
According to a store employee involved in KYC certification, if you purchase Cryptocurrency with HK$120,000 or more in cash, you need to register personal information and take a photo of the customer for record-keeping. ‘Our company does not want to be involved in illegal transactions. If we do not conduct KYC certification, in case someone downstairs robs the money and comes up to buy Cryptocurrency, we will be involved.’
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