As of 1 June 2023, Hong Kong started accepting applications from cryptocurrency exchanges to start operating there. T
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.
“I will work in all friendly jurisdictions first,” Sun said, referring to the Caribbean, Hong Kong and Japan.
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