Hong Kong company wants to invest in crypto

financiallearner said:

However, my Hong Kong banks (Currenxie and Stratys) do not allow crypto-related transactions.

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Have you asked them, directly? Because it was so some time ago; but from what I have heard, it might have changed, at least with Currenxie.

financiallearner said:

So was looking for ways around this. Was thinking a new digital bank account could receive funds from Currenxie, and then deposit into a corporate account with a crypto exchange.

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I do not recall whether Swissborg accepts HK companies but check it... Nebeus perhaps also worth checking.

Forester said:

Have you asked them, directly? Because it was so some time ago; but from what I have heard, it might have changed, at least with Currenxie.

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Recently I received a payment from a customer that he made from a crypto platform into my Currenxie account and they sent me an email saying to avoid transactions with crypto related services.

If you were in at least Mentor Group Light or any other here https://www.offshorecorptalk.com/account/upgrades
I would provide you with three options (companies) for you to call, but frankly, you can find these yourself. Just takes a little bit of effort and time

financiallearner said:

Hey all.

So I have a Hong Kong company that does content writing services. I would like to start investing in crypto over the next 12-18 months.

However, my Hong Kong banks (Currenxie and Stratys) do not allow crypto-related transactions.

So was looking for ways around this. Was thinking a new digital bank account could receive funds from Currenxie, and then deposit into a corporate account with a crypto exchange.

Wise doesn't accept Hong Kong companies. Just sent a support form to Zen and they can't accept my business apparently.

Any suggestions would be very much appreciated.

Thank you.

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Usually in HK everything is done OTC.

I.e not via an exchange, you buy USDT (or similar) OTC and then enter the markets, another avenue is P2P UTD.

FYI -> Crypto HK: Homepage — Crypto HK

Why are you using the same company to do both content writing and crypto trading? Although there's nothing unusual about a company making long-term investments with spare cash to earn interest/returns, if you're talking about actively trading here, that might negatively affect your content writing business.

Are you sure it's ideal to conduct both activities under one company?

Have you checked One Satoshi 一宗 | Buy and sell cryptocurrency | Hong Kong exchange? They are based in a Hong Kong.

Jbb1 said:

Recently I received a payment from a customer that he made from a crypto platform into my Currenxie account and they sent me an email saying to avoid transactions with crypto related services.

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Oh yes. So not so harsh, they just do not like it ... (In the past, any crypto was strictly against the TOS, crypto-related transactions were named as non permitted; when I was checking the TOS some time ago, this paragraph was no more there.)

financiallearner said:

My concern with Nebeus is that it's a crypto-specific platform so this will be classed as a crypto-related transaction when depositing from Currenxie.

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Well, I do not think they are crypto-specific. They are crypto friendly, perhaps crypto-related; but as far as I know, some people are using them as a standard EMI (in their beginnings, they had quite easy onboarding and also pricing was really nice). Perhaps try to add Nebeus account as a new beneficient (or better, ask support before) and you will see...

Sols said:

Why are you using the same company to do both content writing and crypto trading? Although there's nothing unusual about a company making long-term investments with spare cash to earn interest/returns, if you're talking about actively trading here, that might negatively affect your content writing business.

Are you sure it's ideal to conduct both activities under one company?

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A good point. However, if the crypto trading was moved to a separate company that would have no another business activity, wouldn't it imply that this company would need to get a crypto trading licence, otherwise it would face fundamental problems with banking (even if trading only own funds)? And getting a crypto trading licence is anything but simple and for such a situation IMO overkill... Or could it be healed by some setup like the original company is the parent company of the crypto trading one and it is somehow secured that the only purpose of the daughter company is to invest assets of the parent company or so?

Forester said:

Well, I do not think they are crypto-specific. They are crypto friendly, perhaps crypto-related; but as far as I know, some people are using them as a standard EMI (in their beginnings, they had quite easy onboarding and also pricing was really nice). Perhaps try to add Nebeus account as a new beneficient (or better, ask support before) and you will see...

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Nebeus actually isn't an EMI, they are only a regulated virtual currency operator. They are partnered with Modulr, for them specifically Modulr Finance Limited in the UK issuing EUR IBANs in IE via the CBoI (there is also Modulr Finance B.V. in The Netherlands, Modulr also works with high-street banks in ES and FR for local receiving accounts there, but they don't have that service yet for Nebeus).

It also seems that Nebeus has began migration to Dzing Finance, which I am not sure why as the company has issues with the UK regulator. It may happen that Nebeus will switch to GB IBANs through them, they already use Dzing's cards for now.

financiallearner said:

My concern with Nebeus is that it's a crypto-specific platform so this will be classed as a crypto-related transaction when depositing from Currenxie.

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Since Nebeus doesn't issue IBANs in its own company name (which is Rintral Trading, also unrelated to crypto), you shouldn't have issues with Currenxie since it's making payments to your own beneficiary account at Modulr (used by tons of online neobanking services). I don't see an issue why Currenxie would prevent those transactions.

wellington said:

Usually in HK everything is done OTC.

I.e not via an exchange, you buy USDT (or similar) OTC and then enter the markets, another avenue is P2P UTD.

FYI -> Crypto HK: Homepage — Crypto HK

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nice read