1. Introduction to the New Licensing Regulations for Virtual Asset Service Providers in Hong Kong
Hong Kong’s Virtual Asset Service Provider (VASP) licensing system officially launched on June 1st this year. This new system will have profound implications for virtual asset exchanges and will position Hong Kong at the forefront of virtual asset trading.
2. Exchanges’ Response to the New License
In response to the new licensing system, several exchanges have begun to take proactive measures.
Firstly, BitMEX, a leading cryptocurrency derivatives exchange, has announced its plans to apply for a virtual asset exchange license in Hong Kong. In preparation for this, it has launched a dedicated service, ‘BitMEX Hong Kong’, as a transitional service for local customers during the license application process.
Secondly, BingX, a global leader in cryptocurrency exchanges, has also announced its plans to apply for Hong Kong’s latest cryptocurrency trading license. BingX’s director, Lu Zijian, expressed his delight at the licensing plan approved by Hong Kong’s regulatory authorities. BingX places a high emphasis on cybersecurity, adopting internal and external security risk controls, bank-level micro-isolation solutions, and regular third-party audits to ensure platform security.
Lastly, Bitget and OKX are also actively preparing to apply for a virtual asset trading platform license in Hong Kong. Bitget has made significant progress in compliance in regions such as Europe, the Middle East, and North Africa. The OKX team began actively preparing for the Hong Kong license application a year ago and has formed a dedicated team of over 20 people to handle the compliance process in Hong Kong.
3. Future Prospects of Exchanges in Hong Kong
In the face of the new licensing system, BitMEX, BingX, Bitget, and OKX are all optimistic about their future in Hong Kong. They believe that the new licensing system will bring more opportunities for virtual asset trading and will position Hong Kong at the forefront of virtual asset trading. They have all begun preparations for applying for the new license and look forward to providing services with higher safety and compliance standards in Hong Kong.
The new regulations for virtual asset exchange licenses in Hong Kong will bring new opportunities for virtual asset trading and will position Hong Kong at the forefront of virtual asset trading. In response to the new licensing system, BitMEX, BingX, Bitget, and OKX have all begun to take proactive measures and are optimistic about their future in Hong Kong. Their proactive attitudes and preparations demonstrate their confidence and anticipation for the virtual asset trading market in Hong Kong.
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