BitMex, one of the world’s largest exchanges for crypto derivatives, announced on April 28 that will close its services to Japanese residents from May 1st amid the new Japanese regulations.
Earlier this month, In the Cabinet Ordinance, the Japanese cabinet decided to lay down rules for crypto derivatives and fund acquisition transactions. The notice stated the following:
“The restrictions are in response to changes in the Japanese Financial Instruments and Exchanges Act and the Japanese Payment Services Act that will enter into force on May 1, 2020.”
All dealers are affected
The restriction applies to both existing and first-time Japanese users. Japanese retailers can no longer order from BitMex until further notice. The notice stated the following:
“Residents of Japan cannot place orders to open a new position or to increase an open position. Open positions will not be affected in any other way and will continue in accordance with the terms of the relevant contract.”
As Cointelegraph previously reported, PSA and FIEA were two of the laws that the Japanese House of Representatives passed last year. These changes will take effect on the first day of the next month.