Huobi Global has announced that it is set to launch the Hong Kong section on June 1 for users in the city-state. The expansion comes on the heels of the Hong Kong Securities Authority – the Securities and Futures Commission (SFC) – decision to allow retail cryptocurrency trading after a year of turmoil in the sector.
The new venue in the Special Administrative Region of China called Huobi Hong Kong will “fully comply with local regulations and offer a range of trade pairs and services for customers.” At launch, users will be able to trade Bitcoin (BTC), Ether (ETH), Tron (TRX), and Huobi Token (HT).
.@employee officially in hong kong with #BTC #ETH #TRX #ht! https://t.co/vgxZTdYEYL
– His Excellency Justin Sun 孙宇晨 (justinsuntron) May 26, 2023
Huobi rebranding and expansion
As the first step in its expansion plans, Huobi underwent a rebrand in November last year following the company’s acquisition by the About Capital Buyout Fund the previous month. It sought to establish a presence in the Caribbean.
The cryptocurrency exchange also said that it will increase its investments across Southeast Asia, Europe and other regions while simultaneously exploring strategic mergers and acquisitions to expand its ecosystem as well.
However, her experience with the Malaysian regulatory agency was a setback. The Securities Commission of Malaysia (SCM), in a statement on May 22, said that Huobi Global had failed to register as an operator of a cryptocurrency exchange and had ordered all activities to cease. It was also directed to disable its website and mobile apps on the Apple Store and Google Play.
Hong Kong Web3
Hong Kong reaffirmed its stance on moving forward to position itself as a regional crypto hub amid an industry-wide campaign in the West after Finance Minister Paul Chan Moo Po reiterated the city’s crypto commitments at the Hong Kong Web3 Festival in April.
To this extent, Hong Kong’s SFC has issued a a report Based on consultations on policy recommendations earlier this week, the approval to enable licensed Virtual Asset Providers (VASPs) to cater to retail investors, provided the operators evaluate and understand the risks involved.
The guidelines for VASPs will include requirements in terms of integrity of asset custody and cyber security standards as well as segregation of client assets. All platforms linked to the digital asset industry in Hong Kong are required to apply for licenses under the new system, and failure to do so could result in fines and jail terms.
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