Bitget is preparing to apply for cryptocurrency trading license in Hong Kong. According to the Managing Director of the cryptocurrency exchange, Gracy Chen, Bitget has hired lawyers and compliance professionals from Hong Kong to assist the firm in securing trading licenses in the region.
According to the executive, the firm will pursue securing the license after a new development in favour of the crypto industry surfaced in Hong Kong Today. As reported by Binbits, Hong Kong regulators will allow the availability of crypto trading services to retail customers through a new consultation.
More so, the latest regulatory attempt by Hong Kong’s Securities and Futures Commission (SFC) will provide trading permits to digital assets platforms. Through the permit, retail investors will be permitted to trade virtual tokens on the platforms. Since the news surfaced, top cryptocurrency exchanges including Bitget have shown their interest in venturing into the Hong Kong virtual assets market.
How Gracy Chen provided insight into Bitget plan towards crypto advancement
Meanwhile, Gracy Chen illuminated that the cryptocurrency exchange has been making moves since late last year. The Managing Director cited that gaining regulatory approval in the region will aid Bitget to advance it services. However, the executive emphasized the importance of maintaining the highest standards of securities and compliance.
Additionally, Chen described the move as a major step forward for the industry and Bitget. She highlighted how the cryptocurrency exchange has expanded its outreach to Europe, the Middle East and North America. The latest development will represent Bitget’s attempt in advancing towards the Asian crypto market.
Lastly, Chen echoed the firm’s commitment towards working in accordance with regulatory stipulations. The Managing Director stated Bitget will continue to champion users’ safety in their trading endeavours. She beseeched users to trust the platform in aiding their crypto investment quest.
State of the virtual assets sphere in Hong Kong
Lately, Hong Kong has been hitting major headlines for its embracement of cryptocurrency and other blockchain innovations. Early this month, Binbits reported that Binance partnered with the Hong Kong police to kick against cryptocurrency fraud.
In another report, it became known that authorities in Hong Kong will release a stablecoin regulatory bill before the end of 2024. In preparation, Hong Kong provided a platform for stakeholders to contribute to the areas the bill focus on.
The encouraging efforts from Hong Kong authorities toward cryptocurrency have attracted firms like Bitget to extend their services to the region. According to Coinmarketcap, Bitget is ranked the 13th largest cryptocurrency exchange by trading volume.
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