Huobi HK Starts Offering Crypto Spot Trading to Hong Kong's Retail and Institutional Clients Amid New License Submission
Crypto exchange Huobi is moving forward with its Hong Kong expansion plans.
The latest announcement by Huobi Global noted that the firm’s Hong Kong subsidiary now offers crypto spot trading and virtual assets custodian services.
The announcement also noted that Huobi HK officially submitted a license application to the Hong Kong Securities Regulatory Commission and is confident of receiving the virtual assets license soon.
Houbi HK plans to become the pioneer virtual assets platform in Hong Kong and has already strategized to achieve the feat.
According to the announcement, Huobi HK will work with independent auditors over the next six months to examine its financial statement and analyze business operations and processes for greater efficiency.
Also, within that period, the firm will focus on security, anti-money laundering, and compliance to meet the requirements of Hong Kong virtual assets regulators.
Robust security will bolster customer confidence and ensure the firm's operations run effectively and smoothly.
Hong Kong wants to implement cryptocurrency-friendly regulations and policies as part of its plans to become a virtual asset hub.
In a recent announcement, Hong Kong Securities and Futures Commission (SFC) said it concluded consultations on regulations for trading platform operators.
The regulator launched the consultation process in February 2023.
SFC is looking to implement the proposed guidelines for crypto exchange regulation on June 1, 2023.
If implemented, retail investors can trade digital currencies on licensed platforms in the second half of 2023.
According to the regulator, 152 respondents, including firms, individuals, and market participants, made submissions during the consultation.
Many respondents nodded
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