Huobi Applies for VASP License in Hong Kong
– Huobi Global is applying for a Virtual Asset Service Provider (VASP) license to operate in Hong Kong.
– Justin Sun, founder of TRON and advisor to Huobi, believes the exchange will secure the license.
– If granted, Huobi would launch a new exchange called Huobi Hong Kong to comply with regulators.
Justin Sun Discusses Potential Impact of New Licensing Regime
Justin Sun, founder of TRON and advisor to Huobi Global, discussed the potential impact of the new licensing regime on crypto trading in Hong Kong and mainland China. He stated that if granted a VASP license, Huobi would launch a new exchange, Huobi Hong Kong, to comply with regulators. This could potentially shift policy in mainland China due to its close proximity to Hong Kong and its influence in the region.
Hong Kong’s Role in Becoming a Crypto Hub
The city of Hong Kong is looking to become an important virtual asset hub this summer with the implementation of the VASP licensing requirements. The city has been pushing for more regulations within the cryptocurrency industry and it looks like their efforts are paying off as more exchanges like Huobi are taking steps towards compliance with these new rules.
About Justin Sun & Tron
Justin Sun is the founder of TRON, an open source blockchain platform designed for global digital entertainment applications. He is also an advisor for numerous exchanges including Huobi Global and Ambassador for Grenada at World Trade Organization (WTO). With his experience within both cryptocurrency and conventional finance industries he provides key insight into how these two sectors can coexist together successfully.
The introduction of VASP licenses into Hong Kong could potentially have far reaching consequences beyond just this one city. As one of the leading exchanges in Asia Pacific Region, Huobi’s success or failure here could set precedence for other exchanges looking to obtain similar licenses elsewhere throughout mainland China as well as other parts of Asia Pacific Region.