Hong Kong Embraces Cryptocurrencies: Huobi and Major Exchanges Eyeing New Opportunities

Crypto Giant Huobi Leads the Charge as Hong Kong Sets the Stage for Digital Asset Revolution"

As of 1 June 2023, Hong Kong started accepting applications from cryptocurrency exchanges to start operating there. T

- Advertisement -

he news of Hong Kong’s opening up to cryptocurrencies has spread excitement in the crypto community, which will however have to wait a few months to see the results of this admittedly very positive development.

For example, cryptocurrency exchange, Huobi, could be licensed in Hong Kong around the end of the year, according to what Huobi’s advisor and Tron founder Justin Sun told CoinDesk TV.

The exchange has applied to become a virtual asset service provider (VASP) as soon as the launch date. The application includes an 18-month grace period during which regulators can approve or reject it, however Sun – as he stated – believes there is the possibility of faster action.

Huobi recently moved its headquarters from Singapore to Hong Kong in the hope of launching Huobi Hong Kong after the city said it wants to become a hub for virtual assets as soon as this summer.

Other “players”

In addition, Sun said it expects five or six other “players” to make the move to get a license to operate in Hong Kong, including OKX, Gate.io, Bitget and ByBit.

When asked about potential competition with Coinbase and Kraken in Canada, Sun said Huobi has no plans to operate in the country due to its strict regulatory requirements.

- Advertisement -

“I will work in all friendly jurisdictions first,” Sun said, referring to the Caribbean, Hong Kong and Japan.

READ NEXT

Previous Articles:

- Advertisement -

Latest

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

South Korea Election Puts Crypto Policy at Center of Debate

Nearly one-third of South Koreans hold digital assets, making crypto a vital issue in the upcoming presidential election.Both major parties support crypto exchange-traded funds...

Scottsdale Residents Lose $6M to Crypto Scams; Police Respond

Scottsdale residents have reported losing over $6 million to cryptocurrency Scams in 2024.Authorities say actual losses could be higher, as not all cases are...

Ethereum Bullish Patterns Signal Altseason, 55% Rally Possible

Ethereum is showing two bullish chart patterns against Bitcoin, indicating a possible 30–55% price increase. Crypto analysts say an ETH/BTC rally could spark a broad...

Must Read

Top 11 Hosting Providers To Buy VPS With Bitcoin And Cryptocurrency

As a full-time blogger with over 5 years of experience and running multiple niche websites, I have gained the necessary expertise when it comes...