Cryptocurrency exchange BitMEX will launch specialized service for Hong Kong residents in preparation for applying for a license VASP in jurisdiction.
The company noted that the creation of BitMEX Hong Kong is due to changes in the regulatory framework.
“We fully support the efforts of the Hong Kong Securities and Futures Commission (SFC) to set appropriate standards for digital assets that will facilitate the development of this rapidly growing asset class,” the exchange said in a statement.
From May 29, platform users from Hong Kong will only be able to use the services through the BitMEX Hong Kong mobile app. The exchange will transfer clients’ assets to the service without loss and save the history of operations. Residents of the jurisdiction will only have access to spot trading and cryptocurrency conversion.
Additional verification of accounts during the transition is not required. New customers from Hong Kong will only be able to register through the app.
“We look forward to continuing to work with SFC to support its goals in the market and will keep our users up to date,” the company said.
According to the rules proposed by the SFC, from June 1, operators of platforms for trading cryptocurrencies must be licensed. BitMEX emphasized that the specialized service will operate during the transition period agreed with the regulator.
Recall that in January, the Financial Secretary of Hong Kong, Paul Chan, announced the readiness of the jurisdiction to accept cryptocurrency companies from around the world.
May chapter HKMA Eddie Yue clarified that the authorities will take a tough but reasonable approach to the regulation of cryptocurrencies.
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Cryptocurrency exchange BitMEX will launch specialized service for Hong Kong residents in preparation for applying for a license VASP in jurisdiction.
The company noted that the creation of BitMEX Hong Kong is due to changes in the regulatory framework.
“We fully support the efforts of the Hong Kong Securities and Futures Commission (SFC) to set appropriate standards for digital assets that will facilitate the development of this rapidly growing asset class,” the exchange said in a statement.
From May 29, platform users from Hong Kong will only be able to use the services through the BitMEX Hong Kong mobile app. The exchange will transfer clients’ assets to the service without loss and save the history of operations. Residents of the jurisdiction will only have access to spot trading and cryptocurrency conversion.
Additional verification of accounts during the transition is not required. New customers from Hong Kong will only be able to register through the app.
“We look forward to continuing to work with SFC to support its goals in the market and will keep our users up to date,” the company said.
According to the rules proposed by the SFC, from June 1, operators of platforms for trading cryptocurrencies must be licensed. BitMEX emphasized that the specialized service will operate during the transition period agreed with the regulator.
Recall that in January, the Financial Secretary of Hong Kong, Paul Chan, announced the readiness of the jurisdiction to accept cryptocurrency companies from around the world.
May chapter HKMA Eddie Yue clarified that the authorities will take a tough but reasonable approach to the regulation of cryptocurrencies.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!