How to Buy Bitcoin in Hong Kong

Buy Bitcoin in Hong Kong

In Hong Kong there are multiple places to buy cryptocurrencies like Bitcoin, Ethereum, Bitcoin cash and Litecoin are both safe and convenient. The most convenient method are Bitcoin ATMs that relocated around the city. Bitcoin ATMs allow you to buy directly with Hong Kong Dollars, such as $500 HKD notes. These machines are convenient because they don’t require a lengthy registration process. ATMs will directly take the cash and send the Bitcoin to the address specified. 

For even better rates on Bitcoin, you can consider using a Bitcoin Exchange. Normally exchanges offer 24 hour trading with an order book of bid and sell for cryptocurrencies. We provide an up to date list on the top cryptocurrency exchanges in Hong Kong. 

For good rates and convenience, there are also Bitcoin Over-The-Counter (Bitcoin OTC) desks in Hong Kong. OTC desks operate by giving you a spot price for price of Bitcoin – if you agree to the price they will immediately execute the order and deliver you the Bitcoin. OTC desks usually give rates that are within 0.5%-2% of the current market price. One huge advantage is that OTCs can accept very large orders. 

Method:
Bitcoin ATM
Type of Transfer:
Cash
Max Amount:
5000 HKD
Fee Range:
5-10%
Registration Time:
None
Identity Required:
Rating:
4.5 Star Rating
Method:
Bitcoin Exchange
Type of Transfer:
Bank Transfer
Max Amount:
100,000+ HKD
Fee Range:
1-2%
Registration Time:
1 Week
Identity Required:
Rating:
4.3 Star Rating
Method:
Bitcoin OTC
Type of Transfer:
Cash / Bank Transfer
Max Amount:
1,000,000+ HKD
Fee Range:
1%
Registration Time:
3 Days
Identity Required:
Rating:
4.5 Star Rating

Bitcoin ATMs

Bitcoin ATMs are machines that allow the buying or selling of Bitcoin and other cryptocurrencies with cash. They operate like traditional ATMs in the sense that cash can be directly deposited or withdrawn from the machine. To buy Bitcoin, you can deposit Hong Kong Dollars directly and the cryptocurrency will be sent directly to the address provided. They look like traditional ATMs with the exception that they are not connected to a Bank. Rather, Bitcoin ATMs are connected to the public blockchain and can send or receive cryptocurrencies. 

Bitcoin ATM

Location of Bitcoin ATMs in Hong Kong

WAN CHAI – Genesis Block, 1F, 273 Hennessy Road, Wan Chai

CENTRAL – Garden Meow, HG01-HG05, G/F, Block B, PMQ, 35 Aberdeen Street

SHEUNG WAN – THE HIVE The Hive, G/F, 33-35 Hillier St

CAUSEWAY BAY – PERCIVAL Shop D1, G/F, 108-120 Percival Street

NORTH POINT – G/F, 33 Marble Road, North Point

MONG KOK – SINO CENTRE Littlescoool,Shop 206, 2/F, Mira Place One,132 Nathan Road

SHAM SHUI PO Shop 117, New Capital Computer Centre, 85-95 Un Chau Street

You can find the current status of the ATMs and rates here

Bitcoin Exchanges in Hong Kong

Hong Kong has a few local Bitcoin exchanges that allow direct deposit of Hong Kong Dollars from local banks. These exchanges trade in multiple digital currencies and allow the deposit of HKD directly banks such as HSBC, Hang Seng and Standard Chartered banks. All exchanges require registration with a passport or Hong Kong identity card. Usually it takes 3-5 business days for an account to be created and active for trading purposes. Some of these exchanges also accept cash deposits and cheques.

Bitspark – Bitspark is has the lowest fees of all the exchanges. You can deposit cash via one of their cashpoints around Hong Kong. The also have the easiest deposit mechanism out of all the exchanges. 

Tidebit – Tidebit has a cash deposit fee of 0% or wire transfer fee of 2% fee.

Coinsuper – This Hong Kong Bitcoin exchanges accepts only USD deposits into their bank account.

CoinFLEX – Coinflex is a new derivatives based exchange in Hong Kong. It’s designed to trade physically settled Bitcoin and Bitcoin Futures

Bitcoin Over-the-Counter (OTC) Brokers

For good rates and convenience, there are also Bitcoin Over-The-Counter (Bitcoin OTC) desks in Hong Kong. OTC desks operate by giving you a spot price for price of Bitcoin – if you agree to the price they will immediately execute the order and deliver you the Bitcoin. OTC desks usually give rates that are within 0.5%-2% of the current market price. One huge advantage is that OTCs can accept very large orders. 

Genesis Block Office Wan Chai

1/F, 269 – 273 Hennessy Road
Wan Chai, Hong Kong
Hong Kong

Legal Status of Bitcoin in Hong Kong

Hong Kong legislation classifies Bitcoin as a commodity rather than a currency. This is an important distinction because it doesn’t give Bitcoin the full set of legal and fraud protection it deserves. In this environment it is easy for scammers to create Bitcoin related scams. Banks in Hong Kong are reluctant to deal with companies and individuals associated with Bitcoin. This is due to heightened compliance policies.  

On the 1st of November of 2018, the Securities and Futures Commission set out new guidelines for the ownership and trade of virtual assets in Hong Kong. This framework classifies Bitcoin as a virtual asset, which falls under the jurisdiction of the SFC. Firms trading in cryptocurrencies needs to be registered and comply with regulations.  

“The SFC considers that all licensed portfolio managers intending to invest in virtual assets should observe essentially the same regulatory requirements7 even if the portfolios (or portions of portfolios) under their management invest solely or partially in virtual assets, irrespective of whether these virtual assets amount to “securities” or “futures contracts””

Securities and Futures Commission Statement

Bitcoin Meetups and Associations

Hong Kong has a huge network of cryptocurrency developers, enthusiasts and more. The best place to find like minded individuals is the Hong Kong Bitcoin Association. The association hosts frequent meet-ups in both the Kowloon and Central districts. 

Ethereum Meetup Hong Kong – Weekly meetups and with special events. Past speakers include Vitalik Buterin (Ethereum) and Joe Lubin (Consensys)

Fintech Association of Hong Kong – Occasionally includes discussions about Virtual Currencies and innovations.