In an effort to reclaim Hong Kong’s position as Asia’s crypto powerhouse, market participants are moving. Justin Sun, the CEO of Huobi Global, recently said that the company had applied for a crypto trading license in Hong Kong.
Crypto Trading License Application Filed by Huobi Global
The exchange would be able to extend its services to the city under the new structure, which calls for cryptocurrency exchanges to register with the Hong Kong Securities and Futures Commission (SFC). According to a Justin Sun tweet, Huobi also intends to launch Huobi Hong Kong, a new exchange focused on institutions and high-net-worth individuals.
In short, the Huobi exchange’s creator, Huobi Global, is working to launch a local exchange in Hong Kong. The exchange will run entirely in conformity with all relevant regional legislation, and several trading pairs and services will be offered.
Focusing on Asian Region
The primary goal of Huobi’s new exchange in Hong Kong will be to serve institutional and high-net-worth clients with trading services. Huobi Hong Kong aims to be the go-to destination for Asian investors who value security and dependability and are interested in the cryptocurrency industry.
“With the new license, Huobi will be able to expand its services and offerings to customers in Hong Kong, providing a wider range of crypto trading and investment options. This is great news for traders and investors who are looking for a trusted and reliable platform to buy, sell, and store digital assets”Justin Sun
In addition, Huobi’s most recent change comes in the wake of a recent Bloomberg report stating that Hong Kong regulators are considering enabling ordinary investors to trade larger cryptocurrencies.