Crypto exchange Huobi aims to expand to Hong Kong amid regulatory changes
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Cryptocurrency exchange Huobi Global is seeking a license in Hong Kong as China’s SAR considers new licensing and regulatory measures that would allow them to serve retail customers.
The new framework, which requires crypto exchanges to register with the Hong Kong Securities and Futures Commission (SFC), would allow the exchange to expand its services to the city. Huobi is planning to do the same open a new exchange called Huobi Hong Kong, which would focus on institutional and high-net-worth individuals, according to a Justin Sun tweet thread.
The SFC recently opened Hong Kong’s new licensing proposals for public comment, with the new rule set to take effect in June. News of the expected changes had financial service providers lining up in December to participate in the new, expanded system.
Exciting news! Huobi is enthusiastic about Hong Kong’s pro-crypto policies and we are working hard to secure our crypto license there. Our goal is to be one of the first fully compliant exchanges in Hong Kong and partner with our users in Asia Pacific to drive the growth of digital assets! #Hubi #crypto pic.twitter.com/ktZw1WE2cs
— Huobi (@HuobiGlobal) February 20, 2023
Sun, in an interview with Nikkei Asia, said Huobi could increase its Hong Kong workforce from 50 to 200 this year. Sun said Hong Kong’s friendlier stance on crypto and the possibility of retail sales have motivated the expansion.
Related: Huobi delists 33 tokens in one day, citing trading risk and low volume
Huobi announced in January that it would lay off 20% of its workforce, describing it as part of the company’s restructuring after acquiring Sun in October. The exchange announced in February that it would shut down its Huobi cloud wallet in May due to “strategic and product adjustments.”
According to Nikkei Asia, Huobi is also considering moving its headquarters from Singapore to Hong Kong.
Huobi is also expanding its services in other regions. In January, the company announced that it was launching a Visa-backed crypto-to-fiat debit card for Huobi customers residing in the European Economic Area to use worldwide. This card is expected to be available in the second quarter of this year.
