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CoinEX Launches BitHK For Hong Kong Crypto Traders
Only a week after Hong Kong unveiled its new crypto framework, CoinEX announced it had launched a new trading platform for users in the city.
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On Monday, May 29th, the cryptocurrency exchange CoinEX announced it had launched BitHK, a trading platform intended for users in Hong Kong. The launch follows a series of regulatory reforms in the city aimed at giving retail investors access to digital assets.
CoinEX Launches Crypto Trading Platform for Users in Hong Kong
This Monday, CoinEX announced it had launched a new cryptocurrency trading platform for Hong Kong users—BitHK. In the Twitter post, the company stated that the new entity will offer services in both English and Chinese.
According to CoinEX, BitHK will be fully compliant with Hong Kong laws and aims to offer safe, easy, and secure trading for its users. Without specifying a date, the company also stated it will soon offer transactions in Hong Kong dollars.
Additionally, BitHK will soon start offering peer-to-peer trading. The announcement comes only a week after Hong Kong’s Securities and Futures Commission (SFC) unveiled a new regulatory framework for digital assets.
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Hong Kong’s New Regulatory Framework Already Attracting Crypto Platforms
On May 23rd, Hong Kong’s Securities and Futures Commission (SFC) revealed it had concluded a consultation on a new regulatory regime for digital assets in the city. A major result of the consultation is the decision to enable retail investors to access cryptocurrencies.
The new framework will also require digital assets companies to acquire a license which entails complying with a robust set of requirements aimed primarily at ensuring investors are protected whenever engaging with cryptocurrencies. The new rules will come into effect in June.
Huobi became the first major digital assets company to react to the new framework when it announced the launch of its Hong Kong platform on Friday. Huobi HK is reportedly actively preparing to file for the license and has the development of the city into a major web3 hub as one of its primary goals.
Do you think Hong Kong’s new crypto framework will help it become a new global web3 hub? Let us know in the comments below.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
