Any crypto friendly banks in Hong Kong that won't scam me?

[OKboomer]

I am looking at real estate investment opportunities in Hong Kong. The city is quite sophisticated when it comes to its knowledge, use and understanding of crypto.
At the same time, I am yet to find a bank that can meaningfully facilitate opening and using bank accounts for say a local subsidiary of an offshore corp to buy some properties, which would accept crypto as SoW and accept money from a crypto exchange.

I met and talked to ZA Bank who try to position themselves as crypto friendly to the web3 community, and after research found dozens of horror stories of people's money randomly frozen and kept for months, if not longer.

Major retail banks I hear don't work with crypto.

Anyone heard of anything useful? Obviously real estate transactions would be non-trivial and having that money frozen and having to fight for months with a mix of lawyers and police to get money back is not something I would like....

Thanks

 

[daniels27]

You can do P2P and then deposit USD in paper.

How much are we talking‌ about?

 

[OKboomer]

since i look at real estate transactions the minimum‍ i would need is 10m HKD per transaction
I am scared of P2P and dollars⁠ on paper due to
1) safety risks; there are several stories I know where armed⁤ robbery / kidnapping attempts / theft took place during such transactions, even at much smaller⁣ scale (1m HKD and less)
2) if we talk about getting paper money, guarantees that⁢ it would not be half of counterfeit money on top

 

[daniels27]

But why not just use a bank elsewhere to get the money and then send‌ to Hong Kong?

 

[OKboomer]

i cannot find a bank anywhere that‍ would open a corporate bank account for an offshore entity holding crypto
at the very⁠ least banks want some "links" to their country and therefore since i am considering real⁤ estate investments in HK, I am looking for an HK bank. I could open a⁣ HK-based subsidiary for the transaction as well
i have dealt with so many banks in⁢ different jurisdictions, all of them have been very painful and ultimately a waste of time;︀ also, none could handle 7-fig transactions
getting sick of how the world works and getting︁ sick of giving my full financial information and sensitive data to many banks who end︂ up collecting my data and ultimately wasting my time

 

[daniels27]

You want a business bank account where you can deposit cryptos from an exchange? And‌ where is the company incorporated?

 

[OKboomer]

DMmed you

 

[Wellington]

Currently can use crypto for residency purposes (2.5m $ i think)

Buying or offloading in‌ HK is simple, banking is simple, for generic banks, use a offshore buffer to offload‍ crypto and redirect to HK (EMI).

If doing onshore (HK) that's fine but usually some⁠ issues you highlighted (if paperwork no issues), otherwise OTC's operate in HK and can deposit⁤ (as a financial institution) directly into he bank there, or better yet, find VC's that⁣ operate in HK and OTC with them.

Have paperwork for compliance.

 

[Linski]

Does anyone have a list or recommendations for decent EMI's for Hong Kong company?

 

[daniels27]

Airwallex, Currenxie.

If it is a honest HK company, use Amnis.‍

 

[providenceventurer]

You can also get Fiat in⁢ your bank account for crypto you can check with @daniels27

 

[baipose888]

You can open a HashKey or Victory Securities account（Support the exchange of virtual currency for‌ fiat currency） and then withdraw funds to the za bank

 

[providenceventurer]

Which is this ZA bank?Is it based in hongkong?

 

[baipose888]

victorysec+Any Hong Kong bank is the best choice ，The money is transferred to you by the‌ securities company, and the bank will not inquire about the source of the funds

 

[providenceventurer]

Can you give more details on victorysec?
This is nice⁠ to know that there is no enquiry about source of funds when it comes from⁤ Victorysec or Hashkey.How they manage this?

 

[daniels27]

This one?
https://crypto.victorysec.com.hk/en

 

[providenceventurer]

Thanks Bro.

 

[providenceventurer]

Anyone can provide more info on hashkey?

 

[ilke]

IIRC, it needs‌ a total balance of 5M HKD in crypto or fiat for business accounts.

It was‍ the 1st or 2nd company to obtain a crypto license in HK so it's pretty⁠ reputable and the service quality is quite good. Dedicated account/onboarding manager etc.

Should work fine⁤ on HK rails

 

[providenceventurer]

Thats Kool,so payment can⁤ be taken in fiat into any bank account of Hongkong or can we take it⁣ in other banks outside Hongkong as well.