May 30, 2023
By Sharan Kaur Phillora
The cryptocurrency exchange Huobi announced its plans to open a trading service in Hong Kong. The decision follows a set of comprehensive updates to the city’s regulatory framework pertaining to digital assets.
Here’s what we know:
Huobi announced its plans to open a new trading platform intended for Hong Kong—Huobi HK. The company also revealed it is “actively preparing” to file its application for a cryptocurrency trading license in the city.
According to the blog post, a representative of the firm stated that Huobi is seeking to actively work with Hong Kong’s regulatory authorities and is hoping to become a key contributor to the city’s development as a digital asset and web3 hub.
The representative also stated that the recent regulatory developments in Hong Kong would help boost crypto adoption both in the region and globally. Huobi quoted said developments as a major reason behind their decision to set up Huobi HK.
The crypto exchange said it will also ramp up its investments across Southeast Asia, Europe, and other regions while simultaneously exploring strategic mergers and acquisitions to expand its ecosystem, as well.
Earlier this week, Hong Kong’s SFC released a report on the consultation on policy recommendations to enable licensed virtual asset providers (VASPs) to cater to retail investors, provided that operators assess an understanding of the risks involved.
The companies will, according to the SFC decision, also have to “comply with a range of robust investor protection measures covering onboarding, governance, disclosure and token due diligence and admission, before providing trading services to retail investors.”
Huobi token (HT) prices have experienced a 14% increase during the past week as Huobi actively pursues a Hong Kong-focused strategy.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
