As a result to the evolving regulatory landscape in Hong Kong, digital currency exchange and derivative trading platform BitMEX has announced the launch of a dedicated mobile application exclusively for its Hong Kong user base.
The move intends to comply with the Securities and Futures Commission’s (SFC) efforts to set up appropriate standards for digital assets while supplying the usual trading experience for the growing cryptocurrency community in the region.
Transitioning To BitMEX Hong Kong
Reports by 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 stated 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 numerous trading options that allow users to buy and sell digital currencies through a wide range of trading pairs. In addition, the application facilitates digital currency purchases using over 30 different currencies, ensuring different fiat-to- cryptocurrency trading processes.
The BitMEX Hong Kong mobile app’s portfolio management likewise 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 application likewise 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 charges. Additionally, existing verified Hong Kong users won’t be be required to undergo other verification or KYC checks.
To access the new services, users only must download the BitMEX Hong Kong mobile app.
Hong Kong’s Regulatory Stance on Crypto
Hong Kong, known as a worldwide financial hub, has been closely monitoring the rapid growth of the cryptocurrency industry. As digital assets continue to win prominence, the region’s regulatory authorities have taken whole lot of steps to set up 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 digital currencies. In 2019, the SFC introduced a comprehensive regulatory framework known as the “Opt-in Regulatory Sandbox.”
This initiative allows qualified virtual investment platforms of trading to opt into a licensing framework that ensures compliance with anti-money laundering and know-your-customer regulations. This proactive approach intends to foster a safe and transparent ecological system for cryptocurrency trading within the region.
Alongside dwelling as a financial hub, Hong Kong has recently begun tests of its monetary authority digital currency (CBDC), was known e-HKD. The pilot project is stated to include 16 banks and payment processors according to the latest details.
The monetary authority 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.
In the meantime, the worldwide cryptocurrency market has been in a blend of bulls and bears in the past weeks. In the previous 24 hours, the worldwide cryptocurrency market has plummeted only 0.2 percent with a market price sitting over $1 trillion.
Featured image from Coingape, Chart from TradingVew
