Justin Sun stated that cryptocurrency exchange Huobi Global aims to relocate its Asia headquarters from Singapore to Hong Kong in a recent interview with Nikkei Asia.
While Hong Kong politicians work to rebuild the area as Asia's cryptocurrency powerhouse, market participants are already shifting. The most recent development came when Justin Sun, the CEO of Huobi Global, said that the company has sought for a crypto trading license in Hong Kong.
Big news for crypto today: @HuobiGlobal has announced that it's applying for a crypto trading license in Hong KongðŸ‡ðŸ‡°! This is a major step for the major cryptocurrency exchange and a sign of its continued commitment to operating in a compliant and regulated manner. 🇨🇳
— H.E. Justin Sun å™å®‡æ™¨ (@justinsuntron) February 20, 2023
Also, Huobi Global plans to introduce Huobi Hong Kong, a regional exchange, and submit applications for the required permits. The exchange will provide users a range of trading pairs and services while abiding by all regional legislation.
In addition, Huobi's new exchange will provide trading services to institutional investors and high-net-worth personalities in Hong Kong.
In order to serve Hong Kong's institutional investors and high-net-worth individuals, Huobi is obtaining a crypto trading license in the city, according to Sun, who was just named the exchange's head.
This is great news for traders and investors who are looking for a trusted and reliable platform to buy, sell, and store digital assets.
— H.E. Justin Sun å™å®‡æ™¨ (@justinsuntron) February 20, 2023
Retail investors in Hong Kong may trade bigger crypto currencies on licensed crypto exchanges, according to a Securities and Futures Commission (SFC) consultation document released earlier today. Exchanges would be able to provide security measures including risk profiles, background checks, and suitable exposure limits.
Nevertheless, the organization hasn't made it clear which digital currency retail players can exchange. The objective is to make retail trading possible under the new licensing scheme for cryptocurrency exchanges that will go into effect on June 1, according to an SFC spokesman who spoke with Bloomberg.
Two of the largest crypto assets, in the opinion of the SFC official, will likely be listed on Hong Kong exchanges.
