Bitget crypto exchange has launched, 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.

BitgetX launches 

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,

Instead, the exchange has now created, a platform that will be 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 Securities and Futures Commission (SFC) and operate the new exchange in compliance with the anti-money laundering and counter-terrorist financing statutes of the regime.


Enabling crypto innovation

While mainland China have since outlawed bitcoin (BTC) and other cryptocurrencies, Hong Kong has taken a more liberal approach toward the nascent digital asset class.

The region’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, while also boosting investor confidence.

All Hong Kong-based customers of Bitget are now required to close their open perpetual contract positions, and withdraw their crypto assets from savings products from and transfer them to BitgetX.HK.

Follow Us on Google News

Leave a Reply

Your email address will not be published. Required fields are marked *