- It will serve both institutional and retail customers
- Only three tokens – BTC, ETH and LTC
- On June 1, Hong Kong’s crypto-exchange licensing regime comes into effect
- As a result, major CEXs seek to enter the new market
On June 1, Hong Kong’s new licensing regime for VC service providers (VASP) comes into effect. Some CEXs have already launched trading on the local market. Now BitMart has joined the ranks.
The exchange published a corresponding announcement on its blog. According to it, BitMart Hong Kong will provide services on cryptocurrency trading for retail and institutional investors.
At the moment, users have only three assets available – ETH, BTC and LTC.. This is primarily due to the stringent requirements of local regulators.
Most other CEXs support a similar list of tokens. Also, according to the press release, the company has hired former SFC employees to staff the local unit. They will advise the exchange on regulatory compliance.
“Bitmart HK’s main goal is to provide users with a safe and compliant trading environment.. We are committed to adhering to the regulatory standards set by the Hong Kong regulator, actively promoting growth and development of the digital asset industry,” said BitMart CEO Sheldon Xia.
The company also said it pays equal attention to the safety of customer funds.