Huobi opens the event location in Hong Kong on June 1st: Report
Huobi opens the event location in Hong Kong on June 1st: Report
Huobi Global announced that it is preparing for the start of his branch in Hong Kong on June 1 for users in the city state. The expansion takes place against the background of the decision of the Hong Kong Securities - the Securities and Futures Commission (SFC) to allow retail trade with cryptocurrencies - after a year has taken place in the industry.
The new event location in the special administrative zone of China called Huobi Hong Kong will "completely meet the local regulations and offer customers a number of trading pairs and services". At the start, users with Bitcoin (BTC), Ether (Eth), Tron (TRX) and Huobi token (HT) can act.
. officially in HK 🇭🇰 Rel = "Nofollow Noopener" Target = "_ blank" href = "https://twitter.com/hashtag/Btc?src=hash&ref_src=twsrc%5etfw" Data-Wpel-Link = "External">#btc #ETH #trx #ht ! https://t.co/vgxztdyeyl
- se Justin Sun 孙宇晨 (@Justinsuntron) 26. May 2023
rebranding and expansion of Huobi
As a first step in his expansion plans, Huobi underwent rebranding in November last year after the company was taken over by the About Capital Buyout Fund in the previous month. The aim was to build a presence in the Caribbean.The crypto exchange also said that they will increase their investments in Southeast Asia, Europe and other regions and at the same time check strategic mergers and takeovers to expand their ecosystem
The meeting with the Malaysian regulatory authority, however, was a setback. The Securities Commission Malaysia (SCM) said in a statement on May 22 that Huobi Global had failed to register as a crypto exchange operator and was instructed to hire all activities. It was also instructed to deactivate its website and mobile applications in the Apple Store and Google Play.
Hong Kong web3 progress
Hong Kong confirmed his intention to position itself as a regional crypto hub despite the industry-wide oppression in the West after finance Minister Paul Chan Mo-Po at the Hong Kong Web3 Festival in April confirmed the city's crypto commitments.
In this context, Hong Kongs SFC published a report on the consultation on political recommendations at the beginning of this week and approved that virtual assets (vasps) have to provide care for private investors, provided the operators have an understanding of the associated risks.
The guidelines for the vasps will contain requirements with regard to the safety of asset custody, cyber security standards and the separation of customer assets. All platforms associated with the digital-asset industry in Hong Kong must apply for licenses as part of the new regulation, otherwise there are fines and prison terms.
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