BitMEX to obtain license in Hong Kong

The BitMEX cryptocurrency exchange запустит a specialized service for Hong Kong residents as part of the preparations to apply for a VASP license in the jurisdiction.

The company noted that the establishment of BitMEX Hong Kong is driven by changes to the regulatory framework.

“We fully support the efforts of the Hong Kong Securities and Futures Commission (SFC) to establish proper standards for digital assets that will contribute to the development of this rapidly growing class of assets,” the exchange said.

From May 29, users on the platform in Hong Kong will be able to access the services only via the BitMEX Hong Kong mobile app. The exchange will seamlessly transfer clients’ assets into the service and preserve their transaction history. Residents of the jurisdiction will have access only to spot trading and cryptocurrency conversions.

No additional account verification will be required at the transition. New Hong Kong customers will be able to register only through the app.

“We look forward to continuing to work with the SFC to support its market objectives, and we will keep our users informed of developments,” the company said.

Under the proposed SFC rules, from June 1, operators of cryptocurrency trading platforms must have a license.

The exchange stressed that the specialized service will operate during the transition period agreed with the regulator.

In January, Hong Kong Financial Secretary Paul Chan stated that the jurisdiction was ready to welcome crypto firms from around the world.

In May, the head of the HKMA Eddie Yue clarified that authorities will apply a strict, but reasonable approach to regulation of cryptocurrencies.