After Hong Kong authorities showed their support for cryptocurrencies, Justin Sun is making revelations about his exchange’s plans in the area. In the interview with Nikkei Asia, published on Monday, the CEO of TRON said that the Huobi exchange will move its Asian headquarters from Singapore to Hong Kong. The exchange will also increase its staff from 50 to 200 people.
Huobi seduced by Hong Kong’s focus on crypto
Huobi, one of the largest cryptocurrency exchange platforms, is considering moving its Asian headquarters from Singapore to Hong Kong. This information was shared by Justin Sun in an interview with Nikkei Asia.
Huobi’s move comes amidst Hong Kong’s growing support for blockchain technology and cryptocurrencies. Indeed, the city has established a favorable regulatory environment for cryptocurrency companies, providing a fertile ground for their development.
In anticipation of its move, Huobi is also considering opening a subsidiary in Hong Kong called “Huobi Hong Kong” to expand its cryptocurrency trading services in the region. Justin Sun believes that the city offers a more favorable regulatory environment and a more mature financial infrastructure, which should help drive his company’s growth.
Huobi plans to continue its growth strategy in the Asia-Pacific region, focusing on crypto trading services and expanding its customer base. In addition, the company plans to strengthen its presence in other regions such as Europe and the United States.
On his Twitter account, Justin Sun had informed that Huobi has applied to the regulatory authority for a crypto trading license.
Moreover, Huobi is planning to expand its operations in the city. According to Justin Sun, the exchange’s staff is expected to grow from 50 to 200 by the end of the year.
To attract other crypto companies to Hong Kong, Huobi’s boss suggests that the government should provide more of a stable and predictable regulatory climate. He also expressed confidence in the compliance of cryptocurrency companies in Hong Kong, if not in China.
In these three years, Hong Kong’s regulatory framework has seen a lot of changes for the better, so I am very confident in the future of crypto compliance in Asia, Hong Kong and hopefully China.Statement by Justin Sun
Hong Kong, the new Eldorado for crypto companies
While many jurisdictions are becoming increasingly hostile to cryptocurrencies after the FTX collapse, Hong Kong continues to show sustained interest in these assets. Indeed, the Hong Kong government recently issued green bonds on blockchain, demonstrating its flexibility and openness to innovation in this crypto
According to a recently published research report by Bernstein, Hong Kong’s Securities and Futures Commission (SFC) has taken a “regulatory approach to protect investors.” In an article on Coindesk this Monday, the SFC published its proposed rules for crypto asset trading platforms and sought public comment. It plans to allow retail investors to access licensed exchanges, under certain restrictions.
With growing tensions between the SEC and cryptocurrency firms in the U.S., some firms may be tempted to seek refuge in Hong Kong to benefit from its more favorable regulatory environment. Will Hong Kong overshadow Dubai? Wait and see…
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.