Hong Kong’s first major bitcoin market is set to launch its own website and app this week, a move that comes as the government prepares to lift the country’s ban on bitcoin exchanges and other businesses operating within the country.
The Hong Kong dollar market is the first major Hong Kong bitcoin market to make a move beyond the virtual currency’s core business, buying and selling goods and services.
In addition to its own app, the Hong Kong market will be able to purchase, sell and trade virtual currencies like bitcoin, litecoin and dash.
The market is already one of the most active in the country, with over 200 merchants accepting bitcoin and litecoins, according to data from Blockchain.info, a blockchain analytics company.
The marketplace will also provide support for local fiat currency trading.
“The market is one of Hong Kongs most vibrant and active digital currencies,” Bitcoin Central, a bitcoin-focused news site, said in a blog post announcing the launch of the Hongkong dollar market.
“It is one the most important places to invest and trade digital currency, and the most accessible for anyone looking to buy and sell digital currency.”
The Hongkongs dollar market was founded in 2013 and has grown to encompass a variety of businesses that sell goods and service to customers in Hong Kong.
Many of the market’s merchants accept both fiat and bitcoin, and merchants in the market are able to accept bitcoin at all times, regardless of whether they have a bitcoin wallet or not.
Bitcoin Central has noted that the HongKong dollar markets market has grown substantially since it first launched in 2017.
The first bitcoin-based businesses opened in 2017, and many more are set to follow suit.
The launch of bitcoin-related businesses in Hongkang will be one of several steps the government is taking to legitimize the currency.
In September, the government extended the countrys bitcoin-only regulation to all businesses, including those that deal with fiat currencies.
The new regulation, which came into effect on August 1, will apply to both bitcoin exchanges that accept bitcoin and other digital currencies.
“The move to legitimizing the Hong kong dollar and the currency is one step in a long-term process to ensure that Hong Kong and its people can be proud of their financial and social freedoms and to ensure the safe and efficient functioning of the financial system,” Hong Kong Monetary Authority (HKMA) Chairperson John Tsang said in announcing the new regulation.
The regulation also bans certain types of business that are not regulated by the Hongks financial regulator, which includes “non-regulated” businesses that operate on the exchange and that don’t provide services like payroll services or customer service.
The HKMA is also considering adding additional restrictions on certain kinds of bitcoin transactions, such as those that occur on a website or that occur through apps.
The move to introduce bitcoin-friendly regulations comes as Bitcoin has been gaining traction in the region.
Earlier this month, the cryptocurrency surpassed $US40,000 ($51,000) for the first time, rising to $US47,000 earlier in the week.
It is not clear if the new Hong Kong currency will become the first cryptocurrency-related business to open in the city.
“Hong Kong is the largest financial center in Asia, and bitcoin is rapidly emerging as a legitimate currency in this sector,” Bitcoin Magazine reported.
“We will be looking forward to seeing this market continue to grow.”
In addition, the country is set for a major bitcoin conference in HongKongs capital this month.
The event will be attended by more than 400 companies from the local and international bitcoin industry.
The conference, which will also feature speakers like Blockchain CEO Pieter Wuille, will also be open to the public, which is an early sign that the market is taking off.
“With the introduction of the new regulations and the conference taking place on August 2, we will be excited to see this emerging market grow and develop,” said Bitcoin Magazine CEO Pietro Brescia.
“This will help further legitimize bitcoin and its potential in Hong kongs economy and will be a good indication of how Hong Kong is becoming a major financial hub.”
The event is scheduled to be held in the Financial District of the city’s central district, known as the Financial Centre.
The main focus of the conference will be the use of digital currency in the Hong Kong economy.
“Bitcoin is a legitimate form of payment and has been around for decades, and we are looking forward for its acceptance in the financial sector,” Brescias said.
The government will also announce a major innovation initiative that will target the local cryptocurrency industry, including its role in the digital currency industry.
“I believe that digital currencies can be an essential tool to provide value to the economy, while simultaneously supporting the growth of the local economy,” Finance Minister Chris Patten said in the announcement.
“As part of the initiative, we are proposing that the Central