Key Points:
Having submitted an application notice to the Hong Kong Securities and Futures Commission on May 29, the exchange is now able to offer regulated services to its clients. This move is in line with Hong Kong’s recent introduction of a crypto licensing regime for crypto exchanges, which aims to protect retail investors and encourage innovation.
Huobi HK has stated that it will work closely with auditors to ensure compliance with anti-money laundering regulations set forth by the Hong Kong Securities and Futures Commission. The platform’s primary goal is to meet the regulatory requirements of the commission and provide its clients with a secure and reliable trading experience.
Other firms, including BTSE, JPEX, and OKX, have also expressed their interest in applying for a virtual asset exchange license in Hong Kong. This shows that the crypto industry is taking note of Hong Kong’s efforts to regulate the sector and create a more stable environment for investors.
Huobi HK’s offering will operate via the main Huobi website. The exchange has already announced that it will list bitcoin and ether, among other major coins. The company believes that the regulation of web3 in Hong Kong will boost the adoption of cryptocurrencies on a global scale. As such, it plans to continue collaborating with regulatory authorities in Hong Kong to support the development of a vibrant web3 hub.
Huobi HK has established itself as a leading crypto exchange, with a trading volume of $12.7 billion so far this month. Although it lags behind larger exchanges like Binance, Coinbase, and OKX, Huobi’s decision to offer crypto spot trading to retail and institutional clients in Hong Kong is a significant move that will undoubtedly help it gain a larger market share in the region.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…
With the platform facing a cracked whip, Trump Media company is expanding into new business…
Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…
Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…
SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…
The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…
This website uses cookies.