Hong Kong based bitcoin exchange Asia Nexgen has opened a physical bitcoin shop in the city state's western district, allowing consumers to buy the virtual currency and send it to their digital wallets.
Customers who want to make bitcoin transactions at the unique 400-square-foot shop in Sai Ying Pun will have to provide an identity card and proof of address, to comply with customs and excise rules on money laundering. Asia Nexgen holds a money service operator license from Hong Kong's customs and excise department.
Lo Ken-bon, the co-founder and chief executive of Asia Nexgen, said: "The biggest issue people have right now is buying the bitcoin. People have to put money in, trade it through an exchange online."
"Now, you walk into the store, hand over your cash and send the bitcoin to your digital wallet."
For the promotion of the digital currency, the exchange has given away vouchers worth HK$500,000 in bitcoin through a lucky draw as it launched the shop.
The Hong Kong Monetary Authority views bitcoin as a virtual commodity, rather than a virtual currency. Asia Nexgen therefore operates the shop as a vending machine, allowing customers' money to buy bitcoin the commodity, not bitcoin the currency.
Customers who want to make bitcoin transactions at the unique 400-square-foot shop in Sai Ying Pun will have to provide an identity card and proof of address, to comply with customs and excise rules on money laundering. Asia Nexgen holds a money service operator license from Hong Kong's customs and excise department.
Lo Ken-bon, the co-founder and chief executive of Asia Nexgen, said: "The biggest issue people have right now is buying the bitcoin. People have to put money in, trade it through an exchange online."
"Now, you walk into the store, hand over your cash and send the bitcoin to your digital wallet."
For the promotion of the digital currency, the exchange has given away vouchers worth HK$500,000 in bitcoin through a lucky draw as it launched the shop.
The Hong Kong Monetary Authority views bitcoin as a virtual commodity, rather than a virtual currency. Asia Nexgen therefore operates the shop as a vending machine, allowing customers' money to buy bitcoin the commodity, not bitcoin the currency.