Bitget Crypto Exchange has established BitgetX.hk, a new platform specifically for its Hong Kong Users.
The Bitget cryptocurrency exchange has declared that residents will no longer be able to access its services through its primary platform, Bitget.com, as the June 1 implementation date of Hong Kong’s virtual assets service provider (VASP) regime approaches.
As an alternative, the exchange has now developed BitgtX.hk, a site specifically for customers in Hong Kong that will allow them can engage in spot and peer-to-peer (P2P) crypto trading as well as store their digital assets.
According to the crypto exchange, it intends to apply for a VASP license from the Hong Kong Securities and Futures Commission (SFC) and run the new exchange in accordance with the laws governing countering terrorism financing and anti-money laundering.
Hong Kong has adopted a more tolerant stance toward the emerging digital asset class than mainland China, which has since prohibited bitcoin (BTC) and other cryptocurrencies.
The region’s forthcoming VASP system makes registration and license acquisition necessary for crypto market participants with volumes surpassing $1,000. Authorities in Hong Kong anticipate that the city will attract web3 enterprises as a result of the friendly rules, which will also increase investor confidence.
All Bitget customers with addresses in Hong Kong are currently forced to move their cryptocurrency holdings from Bitget.com’s savings products to BitgetX.HK and end any open perpetual contract positions.
