• Huobi, a prominent cryptocurrency exchange, has introduced services for crypto spot trading and virtual asset custody in Hong Kong.
• The company’s subsidiary in Hong Kong has submitted a license application to the Hong Kong Securities Regulatory Commission.
• Huobi HK is aiming to become the leading virtual assets platform in Hong Kong.
Huobi Offering Crypto Spot Trading
Huobi Global, a prominent cryptocurrency exchange, recently announced that its subsidiary in Hong Kong has begun offering services for crypto spot trading and virtual asset custody to both retail and institutional clients. The move comes as part of Huobi’s broader expansion efforts in the region. Furthermore, Huobi HK has also officially applied for a license from the Hong Kong Securities Regulatory Commission with confidence of obtaining it soon.
In order to become the leading virtual assets platform in Hong Kong, Huobi HK has outlined a clear strategy which includes collaborating with independent auditors for the next six months. The auditors will assess the company’s financial statements and evaluate its business operations and processes to enhance efficiency. Additionally, Huobi HK will prioritize security measures, anti-money laundering protocols, and compliance with the regulations set by Hong Kong’s virtual assets regulators during this period. Doing so will help bolster customer trust while ensuring seamless and effective operations for the firm.
Hong Kong Regulations
Hong Kong is looking to implement cryptocurrency-friendly regulations as part of its plans to become a virtual asset hub. In February 2023, The Securities and Futures Commission (SFC) launched consultations on regulations for trading platform operators which concluded last month. As per these proposed guidelines, retail investors will be able to trade digital currencies on licensed platforms starting June 1st 2023 onwards. During this consultation process, SFC received submissions from 152 respondents including firms individuals and market participants who expressed their support for allowing retail traders access to licensed platforms
In conclusion, Huobi is taking steps towards expanding its presence in Hong Kong by introducing services for crypto spot trading and virtual asset custody while applying for an official license from the local regulator at the same time. Moreover, with cryptocurrency-friendly regulations being implemented by SFC come June 1st 2023 onwards; it paves way accommodate more businesses like Huobi into becoming legitimate trading platforms thus creating more opportunities for traders as well as fostering innovation within this space