CoinEx exchange launched a new exchange BitHK in Hong Kong, ahead of Hong Kong’s crypto regulation plans.
CoinEX is an international digital assets trade platform that supports trading with the high-speed matching engine, very fast deposit, and withdrawal experience, and guarding assets with multi-dimensional security and protection.
On 29 May 2023, the CoinEx platform announced the launch of BitHK.
BitHK is a new crypto platform dedicated to Hong Kong’s crypto market.
On 1 June the BitHK team will submit its application to secure a regime to provide crypto services in the country.
Earlier this, Gate crypto exchange launched its subsidiary Gate.HK, fully dedicated to the Hong Kong Crypto market.
Hong Kong crypto regulation
Under the existing crypto laws, retail crypto investment is strictly prohibited in the country but under the newly proposed laws all retail investors will be able to invest in cryptocurrencies.
The new laws will come into effect by 1 June this year, which include several strict rules against cryptocurrency services providers.
Under the new laws, retail investors will be prohibited to trade Crypto assets against stablecoin. In short, use of stablecoin will not be allowed for small-budget crypto investors.
Also, new crypto assets listing in this special administrative region of China will require a better 12 months of record, with no suspicious activity behind the corresponding project firm/team
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.