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OTC crypto shops flood Hong Kong, but regulations may impact their presence - Financial Markets Worldwide

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559698bc836be4174c42841b3c473303Cryptocurrency1 hour ago (Oct 24, 2021 04:40AM ET)

Hong Kong, one of the most significant and leading financial centers in the world, has played a large role in the development of cryptocurrencies. For instance, the Chinese territory has birthed some of the most established and successful crypto companies to date including the crypto derivatives exchange FTX, along with the digital asset platform

Yet, as trillions of dollars are traded regularly through crypto exchanges founded in Hong Kong, the “Vertical City” also contains an abundance of physical over-the-counter crypto shops as well. Henri Arslanian, PwC crypto lead and former chairman of the Fintech Association of Hong Kong, told Cointelegraph that the number of traditional OTC crypto brokers in Hong Kong certainly stands out. “These are literally brick and mortar stores for the retail public,” he said.

Photo of an OTC retail exchange in Hong Kong captured by an anonymous onlooker
Image Source: HKD
Image Source: CoinerHK

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