With the investment opportunities and emerging market of cryptocurrency business in Hong Kong, most of the people believe that cryptocurrency is not only here to stay but will become more commonly used in the near future. Cryptocurrency provides benefits because of its encryption and it is almost impossible to steal it. Furthermore, you don’t have to carry it like paper money or coins as it is a digital currency. Transaction fees is almost negligible since banks are not required for monetary transactions.
Even though you may have heard about cryptocurrency and its advantages before but you may still want to know more about how to accept cryptocurrency in your business. This blog discusses the steps that you can take to incorporate cryptocurrency in your business.
Blockchain technology makes the transactions highly secure since transactions are not recorded on one central server but instead on a network of many computers. If you are thinking to accept cryptocurrency in your business, you must know that its values in the past had some wild swings in the crypto market. The price of Bitcoin even striked $12,000 in June 2019, reaching its all-time high. It can make you earn huge profits in a short span of time.
How to accept Cryptocurrency
One of the first things you must do to accept cryptocurrency in your business is ‘setting up a virtual wallet’. Every wallet has different security features such as different backup systems and identification methods that make them distinct.
Next, you must advertise on various platforms so that your customers know that they can pay using cryptocurrency. For example, you could put up a small sign showing that you accept bitcoin.
Finally, to accept payment in cryptos in your business you may need to set up an app on your computer or phone. The app generates a quick response code (QR code) which is then used in the transaction.
Or you can choose an exchange to make crypto transactions. PCEX is an example of one such well acclaimed global exchange platform that you can choose to complete your cryptocurrency transactions. They have transaction fees as low as 0.05% in intraday and derivative markets.
Having said that, everyone needs to equally focus on ways to increase their profits while doing business in Hong Kong. One such method is to become a sub-broker and associate with a well-established exchange. The aforementioned exchange provides an excellent opportunity to team up with its exchange as a sub-broker and get benefits like unmatchable higher percentage of revenue sharing, high-end security, marketing and branding support, monthly payouts, etc.
Is it Legal?
The regulatory body that takes charge of cryptocurrency regulations in Hong Kong is the Securities and Futures Commission (SFC). The new guidelines describe crypto asset as a financial product and therefore any firm with intentions to issue the crypto assets or deal with them requires to seek a license from the regulators in the country and then can legally deal in it.
Cryptocurrency ecosystem in Hong Kong is flourishing day by day and as cryptocurrency becomes more widely used you may want to start accepting it as well. Now that you know how to accept cryptocurrency in your business you can use these steps to ensure that your business continues to grow in the future.