- Before delivering their regulated services, crypto companies must first apply for a license.
- Huobi HK announced that it will be listing BTC, Ethereum, and other major cryptocurrencies.
Huobi HK has filed for a virtual asset exchange license and now offers spot trading & virtual assets custodian services in Hong Kong. According to a post on Twitter, the exchange filed an application notice with the Hong Kong Securities and Futures Commission (SFC) on May 29. Before delivering their regulated services, crypto companies must first apply for the license.
Exciting news! 🇭🇰#Huobi HK now offers spot trading & virtual assets custodian services in #HongKong.
— Huobi (@HuobiGlobal) May 29, 2023
We are applying for a VATP license & working on security, compliance, & anti-money laundering measures with independent auditors.
Stay tuned for more soon! 🔥🔥🔥 pic.twitter.com/Z6rFBsRFCZ
According to the statement, the platform would collaborate with auditors to ensure compliance with and adherence to anti-money laundering rules. The goal is to conform to the standards set by the Securities and Futures Commission in Hong Kong.
Favorable Regulatory Climate
To safeguard retail investors and promote innovation, Hong Kong has just created a crypto licensing scheme for crypto exchanges. The BTSE, JPEX, and OKX are among the companies that have shown interest in applying for the license.
The Huobi main site is where you may access the Hong Kong service. On May 26th, Huobi HK announced that it will be listing Bitcoin, Ethereum, and other major cryptocurrencies.
The exchange stated:
“Regulation of web3 in Hong Kong will contribute to the widespread adoption of cryptocurrencies on a global scale. Huobi will continue to collaborate with regulatory authorities in Hong Kong to support the development of a vibrant web3 hub.”
Huobi, a lesser-dominant cryptocurrency exchange compared to Binance, Coinbase, and OKEx, has experienced $12.7 billion in trade activity this month.
The cryptocurrency trading platform has said that it would increase its spending in Southeast Asia, Europe, and other countries, as well as look into potential strategic mergers and acquisitions to further grow its ecosystem.
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