Bitmix, one of the world's largest cryptocurrency derivatives exchanges, announced on Tuesday that it will shut down services for Japan's residents starting May 1, amid new Japanese regulations.
Earlier this month, the Japanese Cabinet decided to issue regulations regarding any cryptocurrency derivative transactions and purchase financing.
The company notice indicated that these restrictions are in response to amendments to the Financial Instruments Act, the Japanese Stock Exchange and the Japanese Payment Services Act as of May 1, 2020.
All merchants will be affected
The restriction will be applied to both existing Japanese users and those who are registering for the first time. Japanese traders will not be able to place orders on Bitmex until further notice.
According to the company’s notice, Japanese residents will not be able to place orders that open a new deal or increase the existing open position. However, open positions will not be affected and will continue according to the relevant contract terms.
And, as previously reported by the Queen Telegraph website, the Payment Services Act and the Financial Instruments and Exchanges Act were two pieces of legislation passed by the Japanese House of Representatives last year. These changes will be applied on May 1, 2020.
