<p>Huobi, a
major crypto <a href=”https://www.financemagnates.com/terms/e/exchange/” class=”terms__main-term” id=”b5da6e64-2afe-421d-9b81-16404b7d59d6″ target=”_blank”>exchange</a> founded in China, has revealed its plans to obtain
regulatory approval in Hong Kong to provide digital asset trading services
in the Chinese special administrative region. The decision came just a day
after the local Securities and Futures Commission (SFC) announced it is
considering changes in its <a href=”https://www.financemagnates.com/cryptocurrency/hong-kong-set-to-legalize-crypto/” target=”_blank” rel=”follow”>current regulation</a> allowing retail traders to trade
crypto in the region.</p><p>Huobi Wants to Open Huobi
Hong Kong Crypto Exchange</p><p>As reported
by Finance Magnates on Monday,
starting from 1 June 2023, any centralized virtual asset <a href=”https://www.financemagnates.com/terms/t/trading-platform/” class=”terms__secondary-term” id=”f85800b2-ccf5-4f50-9e8e-780d32afc6f6″ target=”_blank”>trading platform</a> that
conducts business in Hong Kong or targets Hong Kong investors must obtain a
license from the SFC under a new licensing system.</p><p>Additionally, the local regulatory watchdog launched a public
consultation regarding the newest regulatory regime and sought comments on the <a href=”https://www.financemagnates.com/cryptocurrency/hong-kongs-sfc-consults-on-allowing-retail-traders-to-trade-crypto/” target=”_blank” rel=”follow”>potential
admission of retail investors to the crypto market</a>. Currently, only professional
traders and institutions can access a limited scope of digital assets.</p><p>”Huobi is stoked about Hong Kong’s pro-crypto policies & we’re
working hard to secure our crypto license there. Our aim is to be one of the
first fully compliant exchanges in HK & collaborate with our Asia-Pacific
users to drive digital asset growth,” Huobi wrote on its official Twitter
channel.</p><blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>Exciting news! Huobi is stoked about Hong Kong’s pro-crypto policies & we’re working hard to secure our crypto license there. Our aim is to be one of the first fully compliant exchanges in HK & collaborate with our Asia-Pacific users to drive digital asset growth! <a href=”https://twitter.com/hashtag/Huobi?src=hash&ref_src=twsrc%5Etfw”>#Huobi</a> <a href=”https://twitter.com/hashtag/Crypto?src=hash&ref_src=twsrc%5Etfw”>#Crypto</a> <a href=”https://t.co/ktZw1WE2cs”>pic.twitter.com/ktZw1WE2cs</a></p>— Huobi (@HuobiGlobal) <a href=”https://twitter.com/HuobiGlobal/status/1627693805557121024?ref_src=twsrc%5Etfw”>February 20, 2023</a></blockquote><p>Justin Sun, the Founder and current CEO of Huobi, revealed in a separate
series of tweets that his company wants to launch a new crypto exchange in Hong
Kong, called Huobi Hong Kong, which “will be fully compliant with local
regulations.” For now, institutional investors and high-net-worth
individuals will be its primary focus point.</p><blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>In addition to the licensing news, Huobi is launching a new exchange in Hong Kong, aptly named Huobi Hong Kong. The exchange will be fully compliant with local regulations and offer a range of trading pairs and services to customers.</p>— H.E. Justin Sun 孙宇晨 (@justinsuntron) <a href=”https://twitter.com/justinsuntron/status/1627602995239321603?ref_src=twsrc%5Etfw”>February 20, 2023</a></blockquote><p>Interactive
Brokers, a publicly-listed electronic trading services provider, is another
major company that <a href=”https://www.financemagnates.com/forex/brokers/interactive-brokers-launches-crypto-trading-in-hong-kong/” target=”_blank” rel=”follow”>decided to join Hong Kong’s crypto market</a>. The decision was revealed
last week and came with a growing interest among the broker’s clients.</p><p>Watch the recent FMLS22 panel on forex and crypto trends in 2023.</p><p>Huobi
Global Rebranding and Workforce Cuts</p><p>The newest
announcement was heralded when the crypto trading platform <a href=”https://www.financemagnates.com/cryptocurrency/crypto-downzing-continues-as-huobi-plans-to-prune-workforce-by-20/” target=”_blank” rel=”follow”>reduced its current
staff by 20%</a>. In January, the China-founded and Seychelles-based exchange
revealed that it intends to maintain “a very lean team” to fight the
current bear market and the prolonged cryptocurrency winter.</p><p>In the
meantime, Huobi refreshed its branding and changed its official name from ‘Huobi
Global’ to ‘Huobi’. The newest branding strategy unites with the global
expansion plans and the recent acquisition by About Capital, a Hong Kong-based
buyout fund.</p><p>”Huobi
will keep focusing on creating cutting-edge assets and supporting assets with
strong market potential, as well as empowering communities built on projects.
In keeping with the spirit of using science and technology for good, Huobi will
strive to build a safer and more stable environment for users to participate in
early-stage quality projects,” Huobi commented in a press release.</p><p>Additionally,
Huobi announced in September 2022 that it <a href=”https://www.financemagnates.com/cryptocurrency/regulation/huobi-gains-regulatory-approval-in-the-british-virgin-islands/” target=”_blank” rel=”follow”>gained regulatory approval from the
Financial Services Commission</a> (FSC) for the British Virgin Islands. FSC license
was granted to Huobi’s local subsidiary, Brtuomi Worldwide Limited (BWL). BWL’s
authorization allowed the company to offer institutional-grade crypto derivative
products in the region.</p>
This article was written by Damian Chmiel at www.financemagnates.com.
