Clients from Japan will not be able to trade on the BitMEX exchange from May 1

From May 1, clients of the BitMEX cryptocurrency derivatives exchange from Japan will not be able to place new orders on the platform.This is due to new Japanese laws governing cryptocurrencies.

Registration of users from Japan will beterminated on April 30, and from May 1, Japanese customers will be prohibited from placing new orders. Moreover, already open positions will not be closed - users will be able to close them at any time at their own discretion.

In a statement, BitMEX explained this.decision by new Japanese cryptocurrency trading laws coming into force on May 1. These are the Payment Services Act (PSA) and the Financial Instruments and Exchanges Act (FIEA).

“We support the efforts of regulators to createstandards for cryptocurrency products that will foster the development of this rapidly growing asset class. We will continue to work with Japanese regulators and support their goals in the Japanese market. We will continue to keep our Japanese users up to date, ”the BitMEX statement said.

New laws require cryptocurrencyCompanies working with Japanese users registered with local regulators and met their requirements. Also recently, the Japan Association of Placement of Tokens-Shares (JSTOA) has prepared new rules on the regulation of STO, delimiting customers' assets and the tokens themselves.

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