Huobi crypto exchange aims to expand to Hong Kong amid regulatory changes

Cryptocurrency speech Huobi Global is seeking a licence successful Hong Kong, arsenic the Chinese special administrative portion considers caller licensing and regulatory moves that would let them to service retail customers.

The caller framework, which requires crypto exchanges to registry with the Hong Kong Securities and Futures Commission (SFC), would let the speech to grow its services to the city. Huobi besides plans to open a caller speech named Huobi Hong Kong that would ore connected organization and high-net-worth individuals, according to a tweet thread by Justin Sun.

The SFC has precocious opened the caller Hong Kong licensing proposals for nationalist comment, with the caller authorities to spell into effect successful June. News of the expected changes led to fiscal services providers lining up to instrumentality portion successful the new, expanded strategy successful December.

Exciting news! Huobi is stoked astir Hong Kong's pro-crypto policies & we're moving hard to unafraid our crypto licence there. Our purpose is to beryllium 1 of the archetypal afloat compliant exchanges successful HK & collaborate with our Asia-Pacific users to thrust integer plus growth! #Huobi #Crypto pic.twitter.com/ktZw1WE2cs

Sun said successful an interrogation with Nikkei Asia that Huobi whitethorn summation its unit successful Hong Kong from 50 to 200 this year. Sun said Hong Kong’s friendlier stance connected crypto and the anticipation of retail income motivated the expansion.

Related: Huobi delists 33 tokens successful 1 day, citing trading risk, debased volume

Huobi announced a layoff of 20% of its unit successful January, characterizing it arsenic portion of the company’s restructuring aft Sun’s takeover successful October. The speech announced successful February that it was closing down its Huobi Cloud Wallet successful May, owed to “strategic and merchandise adjustments.“

According to Nikkei Asia, Huobi is besides considering moving its office to Hong Kong from Singapore.

Huobi is expanding services successful different regions arsenic well. It announced successful January that it is launching a Visa-backed crypto-to-fiat debit paper that Huobi customers residing successful the European Economic Area volition beryllium capable to usage worldwide. That paper is expected to beryllium disposable successful the 2nd 4th of this year.