Crypto mogul Justin Sun has announced that the Huobi cryptocurrency exchange will expand its operations to Hong Kong. Sun plans to capitalize on Hong Kong’s goal of becoming a global cryptocurrency hub. Huobi Global is currently seeking an operating license in Hong Kong.
Huobi to open a new crypto exchange in Hong Kong
Sun, a Huobi Global Advisory board member, said that if the exchange managed to obtain a license in Hong Kong, it would provide a wide range of cryptocurrency trading and investment options to users based in Hong Kong.
Big news for crypto today: @HuobiGlobal has announced that it's applying for a crypto trading license in Hong Kong! 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 孙宇晨 (@justinsuntron) February 20, 2023
Besides seeking a new license, Sun also said that Huobi was planning to launch a new exchange in Hong Kong known as Huobi Hong Kong. He noted that this exchange would be fully compliant and provide customers with multiple trading services and trading pairs.
The new exchange will focus on providing trading services for institutional investors and high net worth individuals in Hong Kong. It positions the exchange as a trusted and secure platform for larger investors in Asia looking to enter the crypto market.
While speaking in an interview with Nikkei Asia, Sun confirmed the news saying that Huobi was planning to increase the staff in Hong Kong from 50 to 200 this year. He noted that the friendly attitude of Hong Kong regulators towards the crypto industry was fuelling this expansion.
The Nikkei Asia report also said Huobi wanted to move its headquarters from Singapore to Hong Kong. Huobi has also confirmed this development, saying that it wanted to be among the first fully compliant exchanges in Hong Kong.
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
Hong Kong plans to be a global crypto hub
Huobi’s expansion to Hong Kong comes when the city proposes a friendly framework for digital assets. On Monday, the Hong Kong Securities and Futures Commission proposed rules allowing retail investors to trade large-cap cryptocurrencies on licensed platforms.
The plans by Hong Kong to emerge as a global crypto hub starkly contrast with the blanket ban China imposed on crypto activities. Nevertheless, it seems like China is giving a subtle nod to Hong Kong and supporting its initiative to attract crypto investments.
A report by Bloomberg said that Beijing officials have not opposed Hong Kong’s plans. According to the report, the China Liaison Office representatives have been attending meetings discussing Hong Kong’s crypto plans. Their attendance at these meetings has been friendly, showing that Beijing could be willing to use Hong Kong as a testing bed for crypto activities.
Nevertheless, the regulatory push in Hong Kong is attracting interest across the crypto market. Besides Huobi, other exchanges, such as OKX, also seek licenses in the city. The co-founder of the Gemini exchange, Cameron Winklevoss, also said that the next crypto bull market would start in the East, signaling the friendly regulatory framework in Hong Kong.
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