Nikkei Asia: Firefly plans to apply for a license in Hong Kong
TechFlow Selected TechFlow Selected
Nikkei Asia: Firefly plans to apply for a license in Hong Kong
Sun Yuchen revealed that Huobi's Asia headquarters will move from Singapore to Hong Kong, and the number of employees in the region will increase to 200 by the end of the year.
Navigating Web3 tides with focused insightsOn February 21, the Hong Kong Securities and Futures Commission (SFC) indicated its intention to launch a new licensing regime for cryptocurrency exchanges by June 1 of this year, potentially allowing trading of digital assets such as BTC and ETH. Sun Yuchen, member of Huobi Global Advisory Council and founder of TRON, revealed via his personal social media account that Huobi is preparing to apply for a Hong Kong cryptocurrency trading license and plans to establish a new exchange, Huobi Hong Kong. The Nikkei Asia interviewed Sun Yuchen regarding Huobi's latest developments and published a report titled "Sun Yuchen: Huobi Exchange’s Asian Headquarters to Relocate to Hong Kong." In the report, Sun disclosed that Huobi will move its Asian headquarters from Singapore to Hong Kong and aims to increase its regional staff count to 200 by the end of the year.
Huobi Seizes Opportunity to Expand into Hong Kong Market
According to The Nikkei Asia, in an interview Sun Yuchen shared plans to expand Huobi’s operations in Hong Kong, including increasing local staffing from 50 to 200 by the end of this year. He noted that the primary reason for relocating the Asian headquarters to Hong Kong lies in the recent series of pro-crypto policies introduced by the Hong Kong government, including permitting retail investors to trade virtual assets.
On February 20, Sun Yuchen announced on Twitter that Huobi is preparing to apply for a Hong Kong cryptocurrency trading license, calling it an important step forward and a sign of Huobi’s ongoing commitment to operating in a compliant and regulated manner. Sun also revealed that Huobi will launch a new exchange, Huobi Hong Kong, which will focus on providing trading services to institutional investors and high-net-worth individuals in Hong Kong.
Hong Kong Sends Clear Signals – Huobi Aims to Help Build Digital Asset Hub
The Nikkei Asia report noted that last November, FTX, one of the world’s largest cryptocurrency exchanges, declared bankruptcy, prompting Western countries like the United States to tighten crypto regulations. Meanwhile, Hong Kong’s competitor Singapore had attracted many digital asset firms with its lenient regulatory environment but has also begun adopting stricter oversight following the market crash last year.
On Monday, the SFC announced it would begin soliciting public feedback on a new cryptocurrency regulatory framework that would allow qualified crypto exchanges to serve individual investors.
The announcement stated that any individual or business offering cryptocurrency-related services must apply for the relevant license from the SFC by June 2023. Once licensed, they may offer services to professional investors whose investment portfolios are worth at least HK$8 million (approximately RMB 7.0167 million).
This indicates a shift away from Hong Kong regulators’ previously conservative approach. In 2018, Hong Kong implemented a significantly stricter regulatory framework compared to other jurisdictions, resulting in only two companies—OSL and Hashkey—being approved so far to conduct cryptocurrency business locally.
Sun Yuchen: Confident in Hong Kong's Crypto Compliance Future
In the interview, Sun Yuchen said, “Over the past three years, Hong Kong’s regulatory framework has undergone significant improvements, becoming much better. Therefore, I am confident about the future of crypto compliance in Asia, Hong Kong, and even mainland China.” He further emphasized that the Hong Kong government should ensure regulatory stability and predictability to attract more digital asset companies and investors.
On February 20, Huobi launched TCNH (TrueCNH), an offshore RMB stablecoin, seen as a strategic move to gain early foothold in the Hong Kong market. As one of the main circulation hubs for offshore RMB, Hong Kong stands to benefit significantly from this initiative. The listing of TCNH will bring new financial opportunities for global users while helping Hong Kong rapidly expand its crypto market. Sun Yuchen, member of Huobi Global Advisory Council, previously stated, “We hope to make greater contributions within Hong Kong’s stablecoin regulatory framework.”
Earlier, in an interview with Bloomberg, Sun Yuchen described Hong Kong as “one of the testing grounds for cryptocurrency development” and affirmed that Huobi will continue expanding its presence there. Expanding operations in Hong Kong positions Huobi to more seamlessly reach new users when broader regional crypto policies are relaxed.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
Huobi火必
