BitMEX, a crypto exchange for proficient and business retailers, has announced the launch of a profit stage for its Hong Kong clients.

This is part of its plans to apply for the virtual asset service provider (VASP) permit under Hong Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Statute 2022, 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, as well as safely convert cryptocurrencies with over 30 currencies.

It is operated by BitMEX’s associated local corporation, HDR BMEX limited, and existing Hong Kong users will be automatically moved to BitMEX Hong Kong on May 29 2023.

The main objectives of BitMEX are to implement Hong Kong’s new regulatory framework and support market participants during the transition.

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.

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“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 Hong Kong VASP transitional regime was intended to be used with the BitMEX Hong Kong app.

User funds will remain safe and secure as a result of BitMEX’s industry-leading custody and security procedures.

Real-time access to portfolio management, wallet balances, transaction history, deposits, and withdrawals is also accessible.

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