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- Huobi Technology filed an application for a trading licence with SFC.
- Huobi Technology is Currently owned by Huobi global limited.
- Huobi Technology is famous for electrical product manufacturing and selling.
Huobi Technology is an investment holding company and electrical product manufacturing and selling company established in 1990; the company is headquartered in Hong Kong.
Huobi Technology is globally famous for investment holding and its electrical and electronic manufacturing products and is Principally headed by Huobi global limited.
Huobi Technology is planning to enter the virtual Assets market. The firm is ready with a roadmap and has filed an application with (SFC) the securities and futures commissions(china). It mentioned in their statement that they are waiting for the allowance of the higher government authority for setting up their workplace in the virtual Assets market.
The Chinese government has passed several hard and fast rules regarding cryptocurrencies it uses and trading in the country and has banned other foreign cryptocurrencies trading in the country.
According to the proposal of amendment in the Anti-money laundering and counter-terrorist financing bill, virtual assets providers will need security and future commission licenses to function in the virtual market.
The licensing process is expected to begin in the first quarter of 2023. and from then china based companies can register for licensing and get approval to process themselves in the market.
According to the sources of the legislative council of china, the amendment in the Anti-money laundering and counter-terrorist financing bill was first proposed on 24 June 2022 in the parliament. It was first read on 6 July 2022.
Conclusion
The Chinese government is continuously changing its rules regarding cryptocurrencies and has made them strong. The Chinese government is cracking down on digital foreign currencies and is on the verge of banning the use of foreign cryptocurrencies in the country. The new amendment in the Anti-money laundering and counter-terrorist financing bill may change the trading style in china. But it is believed that banning foreign cryptocurrencies will affect the crypto market globally as China has the largest number of crypto investors globally.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
