Justin Sun recently stated in an interview that Huobi, the world's sixth-largest cryptocurrency exchange, has sought for a license that would enable it to provide cryptocurrency trading services in Hong Kong. The relocation is part of Hong Kong's plans to become a digital asset center, and Huobi's Asia headquarters will be transferred from Singapore to Hong Kong as well. Sun, the creator of the blockchain network TRON, indicated that the initiative will entail the establishment of a new exchange in Hong Kong named Huobi Hong Kong, which would first serve high-net-worth individuals and institutional investors.
Justin's good prediction about crypto's future regulation
Sun expressed optimism about the future of crypto compliance in Asia, namely Hong Kong and maybe China, noting significant advancements in Hong Kong's regulatory structure over the last three years. He stressed that the action was a significant step for the major cryptocurrency exchange and demonstrated the company's ongoing commitment to operate in a legal and regulated way. Huobi's new exchange would be completely compliant with local legislation, giving consumers a variety of trading pairs and services.
The Hong Kong government is attempting to recruit digital asset enterprises, which would provide regular investors with greater access to leading cryptocurrencies and crypto exchange-traded funds. The decision by Huobi, which renamed itself from “Huobi Global” to “Huobi” in November, is in accordance with its worldwide development strategy after its purchase by About Capital Buyout Fund. The exchange will include a number of new worldwide brand marketing and company growth efforts, such as the formation of a global strategic advisory board and the establishment of a margin and risk provision fund.
Overview of Huobi
Huobi eliminated the character for “coin” from its Chinese name as part of its rebranding process and designed its new purpose as “Enhancing Asset Safety, Encouraging Financial Inclusion.” The nine-year-old cryptocurrency's name now includes a character that means “must,” rather than the Chinese word “coin.” In October, Huobi was acquired by About Capital, a Hong Kong-based fund management firm founded by Ted Chen, the founder of China's hedge fund behemoth Greenwoods Asset Management. Bloomberg reported earlier this year that the exchange's founder, Leon Li, was aiming to sell his controlling ownership for more than $1 billion, valuing the exchange at $3 billion.
In summary, Huobi, the world's sixth-largest cryptocurrency exchange, has asked for a license that would enable it to provide cryptocurrency trading services in Hong Kong, where the government is attempting to encourage digital asset enterprises. The Asia headquarters of the exchange will be moved from Singapore to Hong Kong, and the exchange aims to open a new exchange in Hong Kong, first catering to high-net-worth individuals and institutional investors. After its purchase by About Capital Buyout Fund, Huobi's rebranding process seeks to improve asset safety and promote financial inclusion, and the exchange is completely committed to operating in a compliant and regulated way.
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