Having recently submitted an application for a virtual asset exchange license, Huobi HK is now providing cryptocurrency spot trading to retail and institutional clients in Hong Kong.
Huobi HK Will Serve Retail and Institutional Clients in Hong Kong
Before beginning to provide regulated services, cryptocurrency companies must apply for a license. On May 29, the exchange sent a notice of application to the Hong Kong Securities and Futures Commission, according to a tweet by Huobi Global.
According to the statement, the platform would collaborate with auditors and concentrate on compliance and anti-money laundering laws. With this, the Hong Kong Securities and Futures Commission’s requirements will be fulfilled.
Hong Kong Incline Toward Cryptocurrencies
To safeguard individual investors and foster innovation, Hong Kong recently instituted a licensing system for cryptocurrency exchanges. Other businesses, such as BTSE, JPEX, and OKX, have declared their intention to apply for the license.
The main Huobi website is used to access Huobi’s Hong Kong service. On May 26, the exchange announced that Huobi HK would list a number of significant coins, including Bitcoin and Ether.
Regulation of web3 in Hong Kong will contribute to the widespread adoption of cryptocurrencies on a global scale. Huobi will continue to collaborate with regulatory authorities in Hong Kong to support the development of a vibrant web3 hub,
Huobi Global
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