Huobi Registered To Operate In Hong Kong, HT Reaches New Highest Level In 2023

Key Points:

• While Hong Kong explores new licensing and regulatory measures enabling retail Huobi Global to service consumers, the company has applied for a license there.
• The information that Huobi registered to operate in Hong Kong caused the exchange’s HT token to increase sharply.
• Huobi is also considering moving its headquarters to Hong Kong from Singapore.

Huobi recently reduced 20% of its workforce, but it will now generate an additional number of employees it has in Hong Kong, from 50 to 200.

The Chinese special administrative area is considering new licensing and regulatory measures that would allow it to service retail clients, and cryptocurrency exchange Huobi Global is applying for a license there.

The exchange would be able to extend its services to the city under the new structure, which calls for cryptocurrency exchanges to register with the Hong Kong Securities and Futures Commission (SFC).

Immediately after it was reported that Hong Kong considered allowing individual investors to trade large-cap coins on February 20, Huobi’s “new owner,” Justin Sun, later revealed on his Twitter that the exchange is applying for a license with the government of this special economic zone, and is about to launch a separate exchange called Huobi Hong Kong.

The new Hong Kong license ideas were made public by the SFC, and the new system will take effect in June. Financial services companies flocked to the new, wider system in December as soon as word of the anticipated changes spread.

In an interview with Nikkei Asia, Sun stated that the exchange would hire an additional 50 to 200 people in Hong Kong this year. He said that the development was driven by Hong Kong’s favorable stance toward cryptocurrencies and the potential for retail sales.

Huobi Token (HT) price immediately reacted positively to the news, up 36% in the past 24 hours, and at one point hit $6.96 – the new highest level of HT in 2023.

Hong Kong has outlined a plan to allow retail investors to trade Bitcoin (BTC), Ethereum (ETH), and several other major coins. This is an important step towards Hong Kong’s goal of becoming a major crypto hub.

Huobi said in January that 20% of its workforce would be let go as part of the company’s reorganization following Sun’s acquisition in October. Due to strategic and product adjustments, the exchange stated in February that it would shut down its Huobi Cloud Wallet in May.

Huobi is also thinking about shifting its headquarters from Singapore to Hong Kong.

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Harold

Coincu News