BlocksInform
The regulatory changes in Hong Kong did not deter the Huobi cryptography exchange from deciding to move its head office in Asia from Singapore to Hong Kong.
Huobi is moving to a different base.
At a recent Huobi event, advisory committee member Justin Sun discussed how the cryptography stock market is moving forward with its expansion from Hong Kong by moving its headquarters to Asia. The cryptography company also has plans to expand its staff in Hong Kong. In addition, the company will also request a crypto-exchange license in order to be able to successfully and legally manage its operations in Asia city. According to Sun, the movement was largely motivated by the region's pro-crypto position and retail sales opportunities.
He stated,
“These three years, Hong Kong's regulatory framework has seen a lot of change for the better, so I am very confident in the future of crypto compliance in Asia, Hong Kong and hopefully China."
He also said the Hong Kong government should maintain a stable and predictable regulatory environment in order to truly establish the region as a global crypto centre.
New crypto trading license issued by SFC.
To operate in this special administrative region of China, all cryptography exchanges must register with the Hong Kong Securities and Futures Commission (SFC) to obtain a crypto trading license. Without CFS approval, businesses cannot legally provide crypto services to serve retail clients within the region. These new licence requirements were recently announced by the Commission and will become effective in June 2023. Consequently, an increasing number of financial service providers are joining the new expanded system in the region.
The Huobi team also announced this move on Twitter,
“Exciting news! Huobi is delighted with Hong Kong's pro-cryptopolicy. 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 And Justin Sun
Huobi was bought out by About Capital in a takeover last October. Even if the new owners were very discreet about the involvement of Tron's CEO in the business, The crypto exchange was revealed last month as being led by Justin Sun, member of the global advisory board to the firm.
Soon after, it was announced that the firm was planning to lay off 20% of its workforce due to company restructuring. In addition, Sun also had to respond to several insolvency rumours and put them to bed by saying that the company performed well despite the crypto winter.
