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Home Crypto Exchanges

Huobi Set to Launch Hong Kong Licensed Local Exchange, Expanding Global Footprint

Hania by Hania
February 21, 2023
in Crypto Exchanges
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Huobi Set to Launch Hong Kong Licensed Local Exchange, Expanding Global Footprint
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In Brief:

    • Huobi intends to provide services to customers in Hong Kong.
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Huobi is actively working to get regulatory approval for its operations in Hong Kong and to set up a local subsidiary that will serve institutional investors.

Huobi intends to provide services to customers in Hong Kong.

Justin Sun, the adviser at Huobi and founder of TRON, stated that the new license will let Huobi provide cryptocurrency trading and investing options to Hong Kong residents in a Twitter thread on February 20, 2023. Sun already disclosed Huobi’s intentions to enter the city.

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Moreover, Huobi will establish Huobi Hong Kong, a local cryptocurrency exchange that complies with regulations and targets institutional investors.

Huobi Set to Launch Hong Kong Licensed Local Exchange, Expanding Global Footprint

The Securities and Futures Commission (SFC) is currently asking for feedback from the public on a consultation document as the most recent development occurs.

The SFC will soon require licenses from all centralized cryptocurrency exchange platforms operating in Hong Kong, according to the city’s regulatory body, although the regulator is also seeking input on whether regulated businesses should provide services to retail investors.

Moreover, Hong Kong made intentions to authorize cryptocurrency trading in June 2023. Companies looking to do business in Hong Kong continue to pour into the city.

Besides Huobi, DBS, a major Singaporean bank, is seeking to submit an application for a regulatory license that would allow it to offer cryptocurrency trading services to its Hong Kong clients.

Tags: crypto newscrypto tradingcryptocurrency
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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