- 1 Hong Kong expressed interest in crypto after China banned cryptocurrency.
- 2 Huobi Global is collectively working with the Hong Kong government for Web3’s betterment.
Cryptocurrency Exchange Huobi Global announced that it had launched one of its units in Hong Kong, Huobi HK—the recently launched venture of the crypto exchange offers in the region to trade cryptocurrencies seamlessly.
According to the local media source, the launching of the trading unit is to support the growth and mission of the Hong Kong government to establish the region as a global crypto hub. It is important to note that citizens of Hong Kong will be enabled to buy, Sell and hold digital currency once the service is launched fully.
Bitcoin and Ethereum will be listed on the platform, and several other digital currencies will follow the path in the coming times. Moreover, the set of coins that will be listed in the initial phase is yet to be clarified.
While talking to the media in Hong Kong, a Huobi Global executive reconfirmed that the exchange will continue its joint venture with the Hong Kong government to develop a Web3 ecosystem and help the region to establish it as a global crypto hub.
The executive further added that set crypto regulations drafted by Hong Kong authorities will play a crucial role in the mass adoption of cryptocurrency globally. Since the last few months, Hong Kong regulators have been actively working on framing suitable regulations for crypto-focused companies.
Besides Huobi Global, several other crypto exchanges have filed their applications to register under Hong Kong authorities. Hong Kong showed keen interest in crypto after China banned cryptocurrency usage in 2021.
Regulations in Hong Kong solely permit institutions and professional investors with portfolios of US$1 million or more to trade in digital assets. The new licensing regime could eventually extend to real crypto trading.
The SFC will also introduce more rigorous rules around Anti-Money Laundering (AML) and Know-Your-Customer (KYC) procedures. Hong Kong’s status as a financial and technological hub with relaxations on regulations has attracted many Web3 firms.
Earlier, the financial secretary of Hong Kong informed that they had allocated HK$50 million as an annual budget for the betterment and development of Web3 technology.
Cryptocurrency Exchanges Seek to Expand in Hong Kong
Recently OKX, a crypto exchange, revealed that it had sent its license proposal application under Hong Kong’s new regulatory regime of VASPs as it comes into effect on June 1st, 2023. The company has been making efforts to meet the regulatory requirements of the Special Administrative Region (SAR)
OKX is in contact with Hong Kong regulators so that the services, including security, anti-money laundering, custody, compliance, and capabilities, meet the criteria set by VASP.
This centralized cryptocurrency exchange was founded in 2017. Since then, there has been a rise in trading volume, safety, and compliance. With this app, the dedication to transparency and security will increase.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.