As Hong Kong regulators seek to re-establish the region as the crypto hub of Asia, market players are now making a move. In the latest development, Justin Sun’s Huobi Global announced that it has applied for a crypto trading license in Hong Kong.
In addition to seeking the licenses, Huobi Global is planning to set up a local exchange aka Huobi Hong Kong. The exchange will comply with all local regulations while offering a range of trading pairs and services to customers.
Also, the new exchange from Huobi will cater to offering trading services for institutional investors as well as high-net individuals in Hong Kong. Huobi Hong Kong is positioning itself as a trusted and secure platform for investors in Asia willing to join the crypto market. Speaking on the development, Justin Sun wrote:
“With the new license, Huobi will be able to expand its services and offerings to customers in Hong Kong, providing a wider range of crypto trading and investment options. This is great news for traders and investors who are looking for a trusted and reliable platform to buy, sell, and store digital assets”.
This latest announcement from Huobi comes just within an hour of the Bloomberg report that Hong Kong regulators are planning to allow retail investors to trade larger crypto coins.
In a consultation paper released earlier today, the Securities and Futures Commission (SFC) noted that retail investors could trade larger crypto coins on licensed crypto exchanges. It would allow exchanges to provide safeguards such as risk profiles, knowledge tests, and reasonable limits on exposure.
The agency, however, hasn’t explicitly mentioned which crypto coins it would allow retail players to trade. An SFC spokesperson told Bloomberg that the objective will allow retail trading in the new licensing regime for crypto exchanges due June 1. An SFC spokesperson said that two of the largest crypto assets are likely to be listed on Hong Kong platforms.
Other traditional market players like also seeking licensing for crypto customers in Hong Kong.
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