Upon its launch, users will have the opportunity to trade four different cryptocurrencies. Hong Kong’s securities regulator has made the decision to permit retail trading of cryptocurrencies.
Huobi Global has shared its plans to open a branch in Hong Kong on June 1st, catering to users in the city-state. This development comes after a turbulent year in the industry. Hong Kong’s securities regulator, the Securities and Futures Commission (SFC), has made the decision to permit retail trading of cryptocurrencies.
This week, the Securities and Futures Commission (SFC) of Hong Kong released a report on their consultation regarding policy suggestions. They have agreed to permit licensed virtual asset providers (VASPs) to cater to retail investors, as long as the operators possess an understanding of the associated risks.
Also Read This Related: Huobi Global, Orders Cessation of Operations
Huobi Hong Kong, a new platform located in the Special Administrative Region (SAR) of China, will operate in complete adherence to local regulations and provide customers with various trading options. At the beginning, users will have the ability to trade four different cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and Huobi Token (HT).
Issues Arise in Malaysia
Apart from investing more in Southeast Asia, Europe, and other areas, the cryptocurrency exchange also intends to expand its operations by merging with or acquiring other companies.
However, Huobi Global’s engagement with Malaysia’s regulatory body did not go well. The Securities Commission Malaysia (SCM) released a statement on May 22, stating that Huobi Global has been instructed to halt all activities because it did not register as a cryptocurrency exchange operator.
Additionally, Huobi Global was instructed to remove all its content from the App Store and Google Play. In April, during the Hong Kong Web3 Festival, Financial Secretary Paul Chan Mo-po reiterated Hong Kong’s commitment to cryptocurrencies, demonstrating the city’s determination to become a regional crypto hub despite stricter regulations in Western countries.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.