Leading cryptocurrency exchange for trading crypto derivatives and spot currencies Bitmex is preparing to apply for a VASP licence in Hong Kong by introducing a special service aimed at local residents.
According to the representatives of the exchange, this step was made in response to a change in the regulator's policy.
"We support the decisions of the Hong Kong Securities and Futures Commission (SFC) to set suitable rules for digital assets that will help this fast-growing asset class," the exchange said in a statement.
From May 29, Hong Kong residents will be able to access BitMEX Hong Kong exclusively through a new mobile app. All customer funds will be transferred without loss and their account history will also remain intact. Cryptocurrency trading and conversion are the only options available to users from the region.
No additional authentication processes are required for the transition. Registration via the app is only possible for customers from Hong Kong.
BitMEX said it expects to continue working with the SFC to maintain its objectives in the market and will keep its customers informed. Under rules proposed by the SFC, operators of cryptocurrency trading platforms must be certified from June 1. The company has made it clear that their specific service will continue to operate within the time frame set by the regulator.
In May, Eddie Yue, head of the HKMA, said authorities would take a serious but practical approach to regulating cryptocurrencies.