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Huobi to Relocate HQ to Hong Kong as It Applies for Crypto License Under SFC’s Proposed New Licensing Regime

CryptocurrencyNews
··1 min read

Cryptocurrency exchange Huobi is reportedly in the process of relocating its Asian headquarters from Singapore to Hong Kong.

In a recent interview with Nikkei Asia, Justin Sun (advisor to the exchange and founder of the TRON blockchain) said that Huobi was planning to expand its headcount in Hong Kong from 50 to 200 this year.

Sun also revealed that Huobi is applying for a crypto trading license in Hong Kong and is set to launch a new exchange to serve institutional investors and high-net-worth individuals.

This development comes in the wake of Hong Kong’s Securities and Futures Commission (SFC) publishing proposals on Monday for a new crypto licensing regime. The SFC is accepting public comments on the proposals until March 31, with the new licensing regime expected to take effect on June 1, 2023.

Sun recently shared the exchange’s plans on Twitter, stating that Huobi will be expanding its presence in Hong Kong and building up its team there.

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