Hong Kong's banking industry takes a cautious stance on cryptocurrencies, and using Bitcoin as a method of wage payment may violate the Employment Ordinance

ChainCatcher news, according to Hong Kong 01 report, the banking industry in Hong Kong holds a cautious attitude towards cryptocurrencies. According to the Hong Kong Employment Ordinance, Bitcoin cannot be used as a method of salary payment. In mortgage loan applications, Bitcoin is neither considered a fixed source of income nor accepted as a qualifying asset.

Currently, banks only recognize traditional assets such as cash, stocks, foreign currencies, Hong Kong properties, funds, and bonds. Holders of cryptocurrencies must convert their digital currencies into fiat currency and keep them for more than 3 months before applying for a mortgage loan of up to 70%. If banks discover that the applicant's funds come from cryptocurrency transactions, they may reject the mortgage application due to money laundering risk considerations, and even freeze the bank account.