Huobi Global, a leading global cryptocurrency exchange, has announced the launch of its Hong Kong division on June 1st for users in the city-state. The announcement comes after the Securities and Futures Commission (SFC) in Hong Kong allowed retail trading in cryptocurrencies, which has come after a year of turmoil in the sector. The new division, called Huobi Hong Kong, will be fully compliant with local regulations and offer a range of trading pairs and services to customers. At launch, users will be able to trade Bitcoin (BTC), Ether (ETH), Tron (TRX), and Huobi Token (HT). The move is part of Huobi’s expansion plans, which began with its rebranding in November last year after its acquisition by About Capital Buyout Fund. Huobi also plans to ramp up its investments across Southeast Asia, Europe, and other regions while exploring strategic mergers and acquisitions to expand its ecosystem.
Hong Kong has confirmed its commitment to becoming a regional crypto hub amidst an industry-wide clampdown in the West. Financial Secretary Paul Chan Mo-po reiterated the city’s crypto commitments at the Hong Kong Web3 Festival in April. Earlier this week, the SFC released a report on the consultation on policy recommendations and agreed to enable licensed virtual asset providers (VASPs) to cater to retail investors, provided that operators assess an understanding of the risks involved. The guidelines for the VASPs will include requirements in terms of asset custody safety, cybersecurity standards, as well as the segregation of client assets. All platforms associated with the digital asset industry in Hong Kong are required to apply for licenses under the new regime, failing which would result in fines and jail terms.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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