Justin Sun Reveals Huobi Now Is Seeking License In Hong Kong In Next 6-12 Months
- According to Justin Sun, Huobi might be approved as a crypto trading service in Hong Kong before the end of the year.
- Sun said that regulators have up to 18 months to accept or disapprove specific petitions.
- He also remarked on the Canadian regulatory landscape, stating that Huobi has no ambitions to join the Canadian market.
According to an interview on CoinDesk TV on Friday, Tron founder and adviser to the exchange Justin Sun indicated that Huobi might get a Hong Kong crypto license in six to twelve months.
Sun specifically informed Coindesk that the exchange registered last week to become a virtual asset service provider (VASP).
He also spoke about the VASP application’s procedure. It is said that permission comes with an 18-month grace period during which regulators might make a decision on the application. He did, however, indicate that he believes the crypto exchange would have an answer before the end of the year.
“Right now we predict probably we will have the license in the next six to 12 months,” Sun said.
Moreover, he said that other exchanges, including OKX, Gate.io, Bitget, and ByBit, might apply for the license.
Other crypto exchanges that have sought a similar license have not been verified. Sun, on the other hand, predicted that five to six additional exchanges will follow suit.
One of the most important implications of the administrative region’s crypto-friendly stance is that cryptocurrency exchanges may apply for licenses if they want to sell crypto-trading goods to regular investors.
He mentioned the application’s 18-month grace period as he discussed the situation of crypto legislation during Hong Kong’s deployment of a much-lauded crypto framework. Both the crypto business sector and private investors view this as a positive development. Being one of Asia’s numerous crypto centers, Hong Kong reflects the region’s rising reputation as a worldwide destination for blockchain and crypto.
Sun said that regulators have up to 18 months to accept or disapprove specific petitions. During this time, the crypto sector will learn about the framework’s intricacies, including as compliance requirements for client withdrawals and AML.
“The details of the regulation will come out in the next 18 months, for example, how to comply with customer withdrawals and anti-money laundering requirements. In the next 18 months, we have a grace period so Huobi Hong Kong can operate in Hong Kong, take customers, get our banking, and serve our customers,” he added.
Huobi recently relocated its headquarters from Singapore to Hong Kong with the aim of establishing Huobi Hong Kong as soon as this summer after the city stated its intention to become a virtual asset center.
Sun, on the other hand, was questioned about welcoming possible competition in the Canadian market. After that, he cited the country’s high regulatory norms as the reason that wouldn’t happen.
“I’ll work on all the friendly jurisdictions first,” Sun stated. Specifically referring to the Caribbean, Hong Kong, and Japan.
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