Crypto exchange Huobi HK has expanded its services, now providing crypto spot trading to both retail and institutional clients in Hong Kong. As part of this development, Huobi HK has taken the necessary step and applied for a virtual asset exchange license. As a result of this turn of events, Huobi HK has done what was required of them and put in an application for a license to operate as a virtual asset exchange.
The application notice was formally filed by the exchange to the Hong Kong Securities and Futures Commission on May 29. Companies dealing in cryptocurrencies that want to provide regulated services in Hong Kong are required to complete this important step.
Compliance with the rules established by the Hong Kong Securities and Futures Commission will be prioritized, and the platform will work closely with auditors to achieve this. Additionally, the platform will place an emphasis on anti-money laundering and compliance procedures. The platform strives to efficiently satisfy the regulatory standards by concentrating on these different aspects of compliance.
A crypto licensing system for cryptocurrency exchanges was recently put into effect in Hong Kong with the dual objectives of protecting retail investors and stimulating innovation. In light of this new information, a number of other companies, including BTSE, JPEX, and OKX, have announced their intention to also apply for the license.
The Hong Kong service that Huobi provides is completely incorporated into the main Huobi website. An statement released by the exchange on May 26 stated that Huobi HK would support a variety of major cryptocurrencies. These cryptocurrencies will include Bitcoin and Ether, amongst others.
In addition to this, the trading platform said that “Regulation of web3 in Hong Kong will contribute to the widespread adoption of cryptocurrencies on a global scale.” Huobi will continue to work together with the regulatory authorities in Hong Kong to facilitate the growth of an active web3 hub.
Compiled by Coinbold
