Bitget crypto exchange has announced that Hong Kong residents will not be able to access its services through its main platform, Bitget.com, as the launch date of Hong Kong’s virtual assets service provider (VASP) regime gets closer.
To comply with Hong Kong’s virtual assets service provider (VASP) regime, Bitget crypto exchange has made a new platform called BitgetX.hk. This platform is specifically for Hong Kong residents and will offer services such as spot and peer-to-peer (P2P) crypto trading, as well as digital asset storage.
Bitget intends to obtain a license from the Hong Kong Securities and Futures Commission (SFC) to operate the new exchange, BitgetX.hk, in accordance with the laws against money laundering and terrorist financing.
Bitget Exchange announced that due to Hong Kong’s regulatory policy that will be launched on June 1, it will no longer provide services for Hong Kong users starting this month. Offshore exchanges have begun to restrict Hong Kong users one after another.https://t.co/yI9dckBDjV
— Wu Blockchain (@WuBlockchain) April 27, 2023
Unlike mainland China, Hong Kong has a more permissive attitude towards digital currencies like bitcoin (BTC) and other cryptocurrencies.
Under Hong Kong’s new virtual assets service provider (VASP) regime, crypto market participants with more than $1,000 in volumes must obtain a license and register. This is expected to attract web3 businesses to the city and increase investor confidence.
People who use Bitget in Hong Kong need to move their cryptocurrency from Bitget.com to a new platform called BitgetX.HK. They also have to close any ongoing trades and withdraw their cryptocurrency from savings products.
