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- 1 Hong Kong is experimenting and examining the market by this step, for the upcoming foundation of China’s crypto market.
- 2 Hong Kong will implement clear regulations for crypto businesses.
Justin Sun, Huobi’s crypto advisor and Tron’s founder, talked about HongKong allowing crypto trading and lifting up the crypto ban, in a conversation with Liam Kelly and Stacy Elliot.
As per Tron ‘Right now it’s a step by HongKong to experiment and examine the base for the upcoming foundation of China’s crypto market. They will see all the feedback and results, once they adopt crypto’.
Involvements of Worldwide Companies
In total, approximately 80 companies from China and abroad have expressed their interests in setting up their web3 businesses in the city. Huobi and OKX are amongst the largest crypto exchanges in the world and they have also applied for licences and are ready to operate in the city.
The launching date was stated as Jun 01, by Sun in his interview. After this date, crypto businesses are welcome to register themselves.
The KYCs in Crypto Market and AI Involvement
The companies who will be registering will get the time to complete their KYC(Know Your Customer). Sun expressed concern regarding the usage of AI to get themselves registered within the new market protocols.
To lessen the upcoming frauds from happening and fraudsters from scamming purchasers and traders, the authorities will be stringent with the KYC procedure.
Impact of Lifting Up Crypto Ban-News in China
In Hong Kong, the crypto platforms have started opening accounts and partnering with the local banks. The city is attracting more and more market players ahead of passing its new licensing strategy, which forms part of an effort to become a digital asset hub.
The ZA Bank was one of the first in the city to begin offering services to crypto firms. Although there has been a strict crypto ban in China, unregulated trading of crypto has been allowed..
HongKong has been operating on a separate legal framework but thanks to the new regulations, individual investors and crypto businesses will function as part of the system.
On Thursday, Hong Kong’s securities regulator said ‘we have already received a handful of applications” and also added that the market is “generally supportive” of the platform’s output.
Related Companies Getting Involved
HuobiGlobal has applied for a virtual asset exchange licence and is now able to offer crypto spot trading to retail and institutional investors in HongKong, China. Its official tweet said “We will provide crypto- trading services to the communities in HongKong. HuobiHKwill play a significant role in driving Hong Kong towards becoming the global hub for Web3. Let’s BUILD!”
#Huobi x #HongKong 🇭🇰
— Huobi (@HuobiGlobal) June 2, 2023
We will provide cryptocurrency trading services to the communities in HK.#HuobiHK will play a significant role in driving Hong Kong toward becoming the global hub for #Web3. Let's BUILD!
Learn More 👇https://t.co/aFCJAPz7qX pic.twitter.com/JxHcsALxIy
Huobi has announced the launch of HoubiHK and have declared that they will be rendering crypto trading services to users in Hongkong. HuobiHK will play an important role in pushing HK towards becoming the global hub for Web3.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
