May 25, 2023
By Sharan Kaur Phillora
In response to the evolving regulatory landscape in Hong Kong, cryptocurrency exchange and derivative trading platform BitMEX has announced the launch of a dedicated mobile app exclusively for its Hong Kong user base.
Here’s what we know:
This announcement is part of its plans to apply for the virtual asset service provider (VASP) permit under new Hong Kong crypto rules, which is set to take effect on 1 June 2023.
Through a brand-new mobile app, BitMEX will provide an exclusive platform allowing verified Hong Kong customers to buy and sell cryptocurrencies quickly via 11 spot pairs and safely convert cryptocurrencies with over 30 currencies.
The BitMEX Hong Kong mobile app’s portfolio management also provides users with real-time access to account information such as wallet balances, transaction history of deposits, and withdrawals which can be easily monitored, allowing users to stay in control of their digital assets. The app also offers watchlists and real-time data, enabling users to easily track market trends.
Stephan Lutz, acting CEO & group CFO at BitMEX, said: “Historically Hong Kong has not just been one of the most popular breeding grounds for crypto innovations, but it is also where our founders first met and conceived of BitMEX. We believe the SFC’s regulatory framework marks a significant milestone for our industry as it will provide standards for virtual assets that are crucial for this fast-growing asset class.
“We are delighted to see the administration’s commitment to building a Web3 digital economy, one that begins with establishing clear guardrails and regulations. We are optimistic that Hong Kong will achieve its ambition of becoming a world-leading Web3 role model city and potentially the Web3 hub for China in years to come.”
The main objectives of BitMEX are to implement Hong Kong’s new regulatory framework and support market participants during the transition.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.