Any place where transactions are conducted outside of traditional exchanges can be considered an OTC market. As an international financial center, Hong Kong's open attitude and policies towards cryptocurrencies provide a new channel for mainland Chinese investors.
JinseFinanceWhat if we could build a trustless third party that facilitates secure transactions between both parties, provides security, and prevents fraudulent activity? This is exactly what Whales Market aims to achieve.
JinseFinanceIf you observe carefully, you can find that there are many crypto exchange shops scattered on the streets of Hong Kong.
JinseFinanceOn February 2, 2024, Hong Kong Secretary for Financial Services and the Treasury Hui Ching-yu said that the government believes that it is necessary to bring virtual currency over-the-counter exchanges (OTC) into supervision.
JinseFinanceAmong the typical cases recently jointly issued by the Supreme People's Procuratorate and the State Administration of Foreign Exchange to punish foreign exchange-related crimes, there are two cases involving OTC business in the currency circle. Below, the author will analyze the legal risks existing in the OTC business of the currency circle based on cases.
JinseFinanceIf mainlanders go to Hong Kong to conduct exchange business between USDT and Hong Kong dollars or US dollars, will it constitute an illegal crime within the country, especially the "illegal foreign exchange purchase and sale" included in the crime of illegal business operations?
JinseFinanceOn December 27, 2023, the Supreme People's Procuratorate and the State Administration of Foreign Exchange issued the "Notice on Issuing Typical Cases of Punishing Foreign Exchange-Related Crimes", stating that it is necessary to strengthen the connection between executions and crack down on illegal cross-border financial activities in accordance with the law.
JinseFinanceIn recent days, there has been a lot of news circulating on the Internet about the illegal financial activities of buying and selling virtual currencies, making friends in the currency circle panic.
JinseFinanceRegarding the behavior of OTC merchants making money from the price difference by buying and selling the stable currency USDT, can these currency exchanges be charged with an "illegal business crime"?
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