The cryptocurrency exchange CoinEX has launched a digital asset trading platform for its users in Hong Kong. Dubbed BitHK, the platform, which seeks to apply for a Virtual Asset Service Provider (VASP) license from the Securities and Futures Commission of Hong Kong (SFC) on June 1, would offer spot trading and digital asset storage services in both traditional Chinese and in English. Additionally, BitHK aims to expand its current offerings.
"BitHK is constantly improving and plans to introduce P2P crypto trading on top of spot trading to support both HKD deposits and withdrawals," said Haipo Yang, the CEO of CoinEX, in a statement. "As an integral part of Hong Kong's financial services industry, BitHK has an obligation to uphold the city's image as an internationally recognized 'inclusive and open' financial hub."
CoinEX’s launch of BitHK, specifically for Hong Kong users, comes at an interesting time: the city has just reviewed its cryptocurrency regulation to allow retail investors to participate in digital asset trading as stated in a consultative process detailed last year.
Hong Kong Opens Up for Crypto
In an effort to re-establish itself as a digital asset hub, last October Hong Kong officials said in a statement that it was seeking to introduce regulations to the digital asset sector similar to those governing the traditional financial space. Christian Hui, Hong Kong’s Secretary for Financial Services and Treasury, emphasized the statement in March this year, noting that many companies had expressed an interest in setting up operations in the city.
At the Aspen Digital Web 3 Investment Summit on March 20, 2023, Hui stated that as of February this year, Invest Hong Kong had received expressions of interest from more than 80 virtual asset-related digital asset firms from Mainland China and foreign markets, including virtual asset exchanges, blockchain infrastructure companies, wallet, and payment services providers.
Regulatory Pressure in the US
Elsewhere, CoinEX is battling tough regulations. Recently, the exchange was sued by the New York Attorney General, Letitia James, for operating an unregistered business against state laws. As a result, James is seeking a ban on CoinEX from operating in New York.
Some of the services offered by CoinEX include spot and margin trading, futures, swaps and financial management services. Furthermore, it operates as an Automated Market Maker (AMM). The exchange was founded in 2017 and serves 5 million users across more than 200 countries, according to CoinMarketCap.
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This article was written by Jared Kirui at www.financemagnates.com.
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