Crypto exchange Huobi Global seeking license to expand in Hong Kong

• Special Administrative Regions of China are considering new licenses and regulations.
• Huobi wants to expand its business in Hong Kong and involve private investors.
• Huobi also plans to open a new exchange named Huobi Hong Kong.

Huobi Global plans to obtain a license in Hong Kong to serve its retail customers as China’s special administrative regions consider introducing new licensing and regulatory measures.

Exciting news! Huobi is excited about Hong Kong’s pro-crypto policies and is working hard to secure a cryptocurrency license in Hong Kong. Our goal is to become one of the first fully compliant exchanges in Hong Kong and work with users in Asia Pacific to drive the growth of digital assets! #huobi #Crypt pic.twitter.com/ktZw1WE2cs

Huobi (@HuobiGlobal) February 20, 2023

The move comes just weeks after the cryptocurrency exchange recently decided to cut its workforce by 20%, as featured in recent crypto news. The exchange also plans to increase its staff in Hong Kong from his 50 to around 200 if it is granted a license to expand its operations in Hong Kong.

Hong Kong’s new regulatory framework

Hong Kong has introduced a new regulatory framework that requires cryptocurrency exchanges to register with the Hong Kong Securities and Futures Commission (SFC) to expand their services in the city. The SFC recently released a new licensing proposal for public comment and he plans for new legislation to take effect in June.

As a result, financial service providers, including cryptocurrency exchanges like Huobi, are lining up to register under the new law.

In addition to seeking licenses under the new law, Huobi also Huobi Hong Kong Concentrate on high net worth individual investors and institutions. Huobi founder Justin Sun said in an interview with Nikkei Asia that the exchange also plans to increase its staff in Hong Kong from his current 50 to 200 by the end of the year. rice field.

Sun said Hong Kong’s friendly stance on cryptocurrencies and new regulations allowing retail investors to participate in cryptocurrencies are the main motivations for the planned expansion.

Huobi recently announced the launch of a Visa-backed crypto-to-fiat debit card for Huobi customers in the European Economic Area.