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