The Huobi Exchange plans to expand its operational roots in Hong Kong. In order to be able to offer its services to retail customers, Huobi is trying to obtain appropriate licenses in the Chinese special administrative region. The exchange has approached the Hong Kong Securities and Futures Commission (SFC) as part of its registration process. The development comes after Hong Kong was recently named the world’s most crypto-ready nation, according to Forex’s Worldwide Crypto Readiness Report.
Huobis Long-term plans include the creation of an entirely new facility called the Huobi Hong Kong Exchange, with its focus intact on serving hefty retail and institutional investors.
Justin Sun, the founder of the Tron altcoin and a Huobi advisor shared the development on Twitter.
The new exchange will focus on providing trading services to institutional investors and high net worth individuals in Hong Kong :flag-hk:. It positions the exchange as a trusted and secure platform for larger investors in Asia looking to enter the crypto market.
— HE Justin Sun 孙宇晨 (@justinsuntron) February 20, 2023
Shortly thereafter, the Huobi Token (HT), the native token of the Huobi exchange, began to surge.
In the last 24 hours, the HT has increased in value by 16 percent. At the time of writing, its value was $6.12 (about 506 rupees). CoinMarketCap.
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
For Huobi, the decision is to establish itself in most of the world crypto-ready nation comes after the company weathered a harsh crypto winter.
The exchange recently fire 20 percent of its workforce due to the $200 billion (approx.
As Hong Kong tightens the noose around crypto companies, its authorities want to ensure that crypto investors as well as companies are protected from being exposed to financial risks.
Hong Kong observed one 105% increase in crypto scams in the first six months of this year. Between January and July 2022, the Hong Kong crypto community lost a total of $50 million (approximately Rs.400 million) to scammers.
December 2022 Hong Kong changed its Anti-Money Laundering (AML) and Counter-Terrorist Financing (Amendment) Bill 2022 to include crypto transactions.
The move aims to ensure that crypto assets are not misused by criminals to move illicit funds.
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