Huobi, amajor crypto exchange founded in China, has revealed its plans to obtainregulatory approval in Hong Kong to provide digital asset trading servicesin the Chinese special administrative region. The decision came just a dayafter the local Securities and Futures Commission (SFC) announced it isconsidering changes in its current regulation allowing retail traders to tradecrypto in the region.
Huobi Wants to Open HuobiHong Kong Crypto Exchange
As reportedby Finance Magnates on Monday,starting from 1 June 2023, any centralized virtual asset trading platform thatconducts business in Hong Kong or targets Hong Kong investors must obtain alicense from the SFC under a new licensing system.
Additionally, the local regulatory watchdog launched a publicconsultation regarding the newest regulatory regime and sought comments on the potentialadmission of retail investors to the crypto market. Currently, only professionaltraders and institutions can access a limited scope of digital assets.
"Huobi is stoked about Hong Kong's pro-crypto policies & we'reworking hard to secure our crypto license there. Our aim is to be one of thefirst fully compliant exchanges in HK & collaborate with our Asia-Pacificusers to drive digital asset growth," Huobi wrote on its official Twitterchannel.
Exciting news! Huobi is stoked about Hong Kong's pro-crypto policies & we're working hard to secure our crypto license there. Our aim is to be one of the first fully compliant exchanges in HK & collaborate with our Asia-Pacific users to drive digital asset growth! #Huobi #Crypto pic.twitter.com/ktZw1WE2cs
— Huobi (@HuobiGlobal) February 20, 2023
Justin Sun, the Founder and current CEO of Huobi, revealed in a separateseries of tweets that his company wants to launch a new crypto exchange in HongKong, called Huobi Hong Kong, which "will be fully compliant with localregulations." For now, institutional investors and high-net-worthindividuals will be its primary focus point.
In addition to the licensing news, Huobi is launching a new exchange in Hong Kong, aptly named Huobi Hong Kong. The exchange will be fully compliant with local regulations and offer a range of trading pairs and services to customers.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 20, 2023
InteractiveBrokers, a publicly-listed electronic trading services provider, is anothermajor company that decided to join Hong Kong's crypto market. The decision was revealedlast week and came with a growing interest among the broker's clients.
Watch the recent FMLS22 panel on forex and crypto trends in 2023.
HuobiGlobal Rebranding and Workforce Cuts
The newestannouncement was heralded when the crypto trading platform reduced its currentstaff by 20%. In January, the China-founded and Seychelles-based exchangerevealed that it intends to maintain "a very lean team" to fight thecurrent bear market and the prolonged cryptocurrency winter.
In themeantime, Huobi refreshed its branding and changed its official name from 'HuobiGlobal' to 'Huobi'. The newest branding strategy unites with the globalexpansion plans and the recent acquisition by About Capital, a Hong Kong-basedbuyout fund.
"Huobiwill keep focusing on creating cutting-edge assets and supporting assets withstrong market potential, as well as empowering communities built on projects.In keeping with the spirit of using science and technology for good, Huobi willstrive to build a safer and more stable environment for users to participate inearly-stage quality projects," Huobi commented in a press release.
Additionally,Huobi announced in September 2022 that it gained regulatory approval from theFinancial Services Commission (FSC) for the British Virgin Islands. FSC licensewas granted to Huobi's local subsidiary, Brtuomi Worldwide Limited (BWL). BWL'sauthorization allowed the company to offer institutional-grade crypto derivativeproducts in the region.
Huobi, amajor crypto exchange founded in China, has revealed its plans to obtainregulatory approval in Hong Kong to provide digital asset trading servicesin the Chinese special administrative region. The decision came just a dayafter the local Securities and Futures Commission (SFC) announced it isconsidering changes in its current regulation allowing retail traders to tradecrypto in the region.
Huobi Wants to Open HuobiHong Kong Crypto Exchange
As reportedby Finance Magnates on Monday,starting from 1 June 2023, any centralized virtual asset trading platform thatconducts business in Hong Kong or targets Hong Kong investors must obtain alicense from the SFC under a new licensing system.
Additionally, the local regulatory watchdog launched a publicconsultation regarding the newest regulatory regime and sought comments on the potentialadmission of retail investors to the crypto market. Currently, only professionaltraders and institutions can access a limited scope of digital assets.
"Huobi is stoked about Hong Kong's pro-crypto policies & we'reworking hard to secure our crypto license there. Our aim is to be one of thefirst fully compliant exchanges in HK & collaborate with our Asia-Pacificusers to drive digital asset growth," Huobi wrote on its official Twitterchannel.
Exciting news! Huobi is stoked about Hong Kong's pro-crypto policies & we're working hard to secure our crypto license there. Our aim is to be one of the first fully compliant exchanges in HK & collaborate with our Asia-Pacific users to drive digital asset growth! #Huobi #Crypto pic.twitter.com/ktZw1WE2cs
— Huobi (@HuobiGlobal) February 20, 2023
Justin Sun, the Founder and current CEO of Huobi, revealed in a separateseries of tweets that his company wants to launch a new crypto exchange in HongKong, called Huobi Hong Kong, which "will be fully compliant with localregulations." For now, institutional investors and high-net-worthindividuals will be its primary focus point.
In addition to the licensing news, Huobi is launching a new exchange in Hong Kong, aptly named Huobi Hong Kong. The exchange will be fully compliant with local regulations and offer a range of trading pairs and services to customers.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 20, 2023
InteractiveBrokers, a publicly-listed electronic trading services provider, is anothermajor company that decided to join Hong Kong's crypto market. The decision was revealedlast week and came with a growing interest among the broker's clients.
Watch the recent FMLS22 panel on forex and crypto trends in 2023.
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HuobiGlobal Rebranding and Workforce Cuts
The newestannouncement was heralded when the crypto trading platform reduced its currentstaff by 20%. In January, the China-founded and Seychelles-based exchangerevealed that it intends to maintain "a very lean team" to fight thecurrent bear market and the prolonged cryptocurrency winter.
In themeantime, Huobi refreshed its branding and changed its official name from 'HuobiGlobal' to 'Huobi'. The newest branding strategy unites with the globalexpansion plans and the recent acquisition by About Capital, a Hong Kong-basedbuyout fund.
"Huobiwill keep focusing on creating cutting-edge assets and supporting assets withstrong market potential, as well as empowering communities built on projects.In keeping with the spirit of using science and technology for good, Huobi willstrive to build a safer and more stable environment for users to participate inearly-stage quality projects," Huobi commented in a press release.
Additionally,Huobi announced in September 2022 that it gained regulatory approval from theFinancial Services Commission (FSC) for the British Virgin Islands. FSC licensewas granted to Huobi's local subsidiary, Brtuomi Worldwide Limited (BWL). BWL'sauthorization allowed the company to offer institutional-grade crypto derivativeproducts in the region.
