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Bitmex is gearing up for the launch of a dedicated service platform with a mobile app for its Hong Kong users on May 29. This is in preparation for its application for a virtual asset service provider license in the market, according to a statement.
The platform will allow Hong Kong users to buy and sell cryptocurrencies via 11 spot pairs, which allow each asset in the pair to be valued without using fiat money. It will also enable users to convert cryptocurrencies to over 30 fiat currencies.
Bitmex is set to provide services including portfolio management as well as deposits and withdrawals in real time, along with identifying market trends that can be tracked through watchlists and data.
The launch is part of Bitmex’s goal to comply with Hong Kong’s new regulatory regime. Hong Kong is advancing plans to allow licensed exchanges for retail trading of major cryptocurrencies as part of its efforts to revive its position as a leading financial center.
“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,” said Stephan Lutz, acting CEO and group CFO at Bitmex.
See also: What EU’s new crypto regulation means for US and Asia
Note: This article was written with the help of AI. Don’t worry, humans were still involved in producing this story.
Editing by Miguel Cordon and Jaclyn Tiu
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