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]

You can do P2P and then deposit USD in paper.

How much are we talking about?

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]

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

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 getting sick of giving my full financial information and sensitive data to many banks who end 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]

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

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.