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.
On May 29, the exchange officially submitted an application notice to the Hong Kong Securities and Futures Commission. This significant step is a requirement for crypto firms seeking to offer regulated services in Hong Kong.
To ensure adherence to regulations set by the Hong Kong Securities and Feature Commission, the platform will collaborate closely with auditors and prioritize compliance and anti-money laundering measures. By focusing on these areas, the platform aims to meet the regulatory requirements effectively.
With the aim of safeguarding retail investors and fostering innovation, Hong Kong recently implemented a crypto licensing framework for crypto exchanges. In light of this development, several other firms, such as BTSE, JPEX, and OKX, have expressed their intention to seek the license as well.
Huobi’s Hong Kong offering is seamlessly integrated into the main Huobi website. In an announcement made on May 26, the exchange confirmed that Huobi HK will feature a range of major coins, including Bitcoin and Ether, among others.
Also, the exchange added, “Regulation of web3 in Hong Kong will contribute to the widespread adoption of cryptocurrencies on a global scale. Huobi will continue to collaborate with regulatory authorities in Hong Kong to support the development of a vibrant web3 hub.”
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