Huobi HK Offers Spot Trading and Custodial Solutions in Hong Kong Following Licensing Regime Implementation

On May 29, Huobi HK announced its enlargement of services aft Hong Kong implemented its caller crypto speech licence system. The level present provides spot and custodial services to some retail and organization customers successful Hong Kong. Huobi’s update comes soon aft Huobi Global faced regulatory hurdles successful Malaysia, wherever authorities prohibited the cognition of its crypto trading level without a due permit.

Huobi HK Launches Spot Trading and Managed Services successful Hong Kong

Huobi Global’s Hong Kong trading limb Huobi HK has announced it is offering spot trading services and custodial solutions to retail and nonrecreational traders. Hong Kong’s caller licensing authorities was launched successful May with assistance from Hong Kong’s Securities and Futures Commission (SFC) CEO Julia Leung.

Leung said astatine the extremity of April that the effort could marque Hong Kong “more charismatic [and] much competitive” for “international and Mainland capital.” Crypto trading platforms volition beryllium regulated by the regulator’s Fintech Task Force. The SFC is moving with planetary regulators from different regions to “set baseline standards to modulate centralised virtual plus exchanges for adoption successful large markets.”

Following the codification of the caller licensing regime, Huobi HK announced it would beryllium offering services to retail and organization traders. “Huobi HK is present offering spot and managed services to nonrecreational and retail customers,” the steadfast tweeted connected Monday. “As a pioneer of a virtual plus trading level successful Hong Kong, Huobi HK has officially submitted an exertion announcement to the Hong Kong Securities Regulatory Commission connected May 29, and we look guardant to obtaining a virtual plus speech license.”

The institution added that Huobi HK volition collaborate with autarkic auditors implicit the adjacent six months to absorption connected the platform’s security, anti-money laundering, and compliance operations successful bid to conscionable the SFC’s and licensing regime’s requirements. Huobi HK’s introduction into Hong Kong follows Huobi Global (the subsidiary’s genitor company) getting reprimanded by the Malaysian securities regulator. Malaysia’s authorities person told the speech to halt soliciting Malaysian residents and to halt operations successful the Southeast Asian country.

What are your thoughts connected Huobi HK’s enlargement into Hong Kong’s crypto marketplace amidst the implementation of the caller licensing regime? Share your opinions and insights successful the comments conception below.