Cryptocurrency exchange Huobi Global is seeking a license in Hong Kong as the China Special Administrative Region considers new licensing and regulatory moves that will allow them to serve retail clients.
The new structure, which requires crypto exchanges to register with the Hong Kong Securities and Futures Commission (SFC), will allow the exchange to expand its services in the city. Huobi is also planning open a new exchange called Huobi Hong Kong that will focus on institutional and high net worth individuals, according to a tweet from Justin Sun.
The SFC recently opened new licensing proposals in Hong Kong for public comment and the new regime will come into effect in June. News of the expected changes led financial service providers to line up to participate in the new expanded system in December.
Exciting news! Huobi is enthusiastic about Hong Kong’s cryptocurrency policy and we are working hard to protect our cryptocurrency license. Our goal is to be one of the first fully interoperable exchanges in Hong Kong and partner with our users in the Asia-Pacific region to drive the growth of digital assets! #Huobi #Crypto pic.twitter.com/ktZw1WE2cs
— Huobi (@HuobiGlobal) February 20, 2023
Sun said an interview with Nikkei Asia says that Huobi may increase its staff in Hong Kong from 50 to 200 this year. Sun said that Hong Kong’s more cryptocurrency-friendly stance and the possibility of retail sales motivated the expansion.
Huobi delisting 33 tokens in one day, citing trading risk and low volume
Huobi announced it was laying off 20% of its staff in January, describing it as part of the company’s restructuring following the Sun takeover in October. In February, the exchange announced that it would be shutting down its Huobi cloud wallet in May due to “strategic changes and product adjustments.”
According to Nikkei Asia, Huobi is also considering moving its headquarters to Hong Kong from Singapore.
Huobi is expanding services to other regions as well. In January, the company announced the release of a Visa-enabled fiat-to-crypto debit card that Huobi customers residing in the European Economic Area will be able to use worldwide. This card is expected to be available in the second quarter of this year.
Credit : cointelegraph.com
