May 4, 2023
By Sharan Kaur Phillora
Bitget crypto exchange has launched BitgetX.hk, a new platform dedicated to its Hong Kong customers, in anticipation of the region’s virtual assets service provider (VASP) regime scheduled to take effect on June 1.
The company is expanding its operations to Hong Kong following the recent announcement of the city’s plans to let retail investors trade cryptocurrencies.
Here’s what we know:
As the June 1 launch date of Hong Kong’s virtual assets service provider (VASP) regime gets closer, Bitget crypto exchange has announced that residents will no longer be able to access its services through its main platform, Bitget.com.
Last month, the Securities and Futures Commission (SFC) of Hong Kong proposed allowing retail investors to trade “large-cap tokens” such as BTC and ETH on licensed exchanges. This move is a positive development for Hong Kong’s financial market. By providing a regulated framework for cryptocurrency trading, Hong Kong is taking a significant step toward building a more diversified and competitive financial ecosystem.
With the mission “Better Trading, Better Life,” Bitget is preparing to apply for a crypto trading license in Hong Kong. So the exchange has now created BitgtX.hk, a platform dedicated to Hong Kong users, enabling them to enjoy spot and peer-to-peer (P2P) crypto trading and store their digital assets.
Bitget says it plans to obtain a VASP license from the Hong Kong SFC and operate the new exchange in compliance with the anti-money laundering and counter-terrorist financing statutes of the regime.
Hong Kong’s incoming VASP regime makes it mandatory for crypto market participants with volumes exceeding $1,000 to register and obtain the license. Hong Kong authorities expect the amenable laws to attract web3 businesses to the city and boost investor confidence.
All Hong Kong-based customers of Bitget must now close their open perpetual contract positions, withdraw their crypto assets from savings products from Bitget.com and transfer them to BitgetX.HK.
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.
