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.
The move aims to comply with the Securities and Futures Commission’s (SFC) efforts to establish appropriate standards for digital assets while providing the usual trading experience for the growing crypto community in the region.
Transitioning To BitMEX Hong Kong
According to an announcement published earlier today, this latest move is to take effect as of May 29, 2023. Existing BitMEX users domiciled in Hong Kong will no longer have access to BitMEX’s services through the existing website or API connections as of this date. Instead, these users will be transferred to BitMEX’s affiliated entity in Hong Kong, HDR BMEX Limited.
The transition is said to be facilitated through the BitMEX Hong Kong mobile app, which will be the exclusive platform for Hong Kong users moving forward.
Aside from being prompted by the SFC’s changing regulatory environment in Hong Kong, the BitMEX Hong Kong mobile app offers an array of features designed to provide users with an improved trading experience.
The features include portfolio management whereby users can manage their portfolios, and various trading options that allow users to buy and sell cryptocurrencies through a wide range of trading pairs. Additionally, the app facilitates cryptocurrency purchases using over 30 different currencies, ensuring different fiat-to-crypto trading processes.
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 track market trends with ease.
Furthermore, BitMEX stated the transition set to happen on May 29, will happen with no deductions or fees. In addition, existing verified Hong Kong users will not be required to undergo other verification or KYC checks.
To access the new services, users only need to download the BitMEX Hong Kong mobile app.
Hong Kong’s Regulatory Stance on Crypto
Hong Kong, known as a global financial hub, has been closely monitoring the rapid growth of the crypto industry. As digital assets continue to gain prominence, the region’s regulatory authorities have taken significant steps to establish a clear framework that balances innovation, investor protection, and systemic stability.
The SFC of Hong Kong has been at the forefront of shaping the regulatory landscape for cryptocurrencies. In 2019, the SFC introduced a comprehensive regulatory framework known as the “Opt-in Regulatory Sandbox.”
This initiative allows qualified virtual asset trading platforms to opt into a licensing framework that ensures compliance with anti-money laundering and know-your-customer regulations. This proactive approach aims to foster a safe and transparent ecosystem for crypto trading within the region.
Alongside dwelling as a financial hub, Hong Kong has recently begun tests of its central bank digital currency (CBDC), called e-HKD. The pilot project is said to include 16 banks and payment processors based on the latest details.
The central bank will release a fixed amount of e-HKD where participants will test the effectiveness of the currency, examining whether it can be useful to the city-state.
Meanwhile, the global crypto market has been in a blend of bulls and bears in the past weeks. Over the past 24 hours, the global crypto market has plummeted only 0.2% with a market value sitting above $1 trillion.
Featured image from Coingape, Chart from TradingVew