Crypto Exchange Huobi Global Expanding to Hong Kong
• Crypto exchange Huobi Global is seeking a license to expand its business in Hong Kong, with plans to open a new exchange named Huobi Hong Kong.
• The move comes after the cryptocurrency exchange recently decided to cut its workforce by 20%, and if successful, it will increase its staff in Hong Kong from 50 to 200 people.
• The new regulation requires crypto exchanges to register with the Hong Kong Securities and Futures Commission (SFC) in order to expand their services in the city.
Huobi Global Plans for Expansion
Huobi Global is looking for a license in Hong Kong that will allow it to accommodate retail customers as part of a new licensing and regulatory framework being considered by the Chinese special administrative region. If successful, the exchange will increase its staff in Hong Kong from 50 to about 200 people.
New Regulatory Framework In HK
The new regulations require crypto exchanges like Huobi to register with the SFC in order to expand their services within the city. The SFC has opened up these licensing proposals for public comment and plans for them go into effect this June. Additionally, Huobi plans on opening a new crypto exchange called Huobi Hong Kong that would focus on high-net-worth retail investors as well as institutions.
Justin Sun’s Plans For Expansion
Founder of Huobi Justin Sun said in an interview with Nikkei Asia that he hopes the exchange can be one of the first fully compliant exchanges registered under these laws and collaborate with users throughout Asia Pacific drive digital asset growth. He also mentioned his plan on increasing his staff from 50 employees currently working there all the way up 200 by year’s end.
It remains unclear what impact expanded operations at Huobo may have but it is clear that they are willing embrace not just retail investors but entire industries such as finance and banking which could come along inside their expansion into HK.. It looks like we may soon see further news regarding this matter soon!