TechFlow reported on July 19 that global media outlet Forbes published an article in its digital assets special report titled "Does The SEC’s Cryptocurrency View Differ That Much From The Rest Of The World?" The article cited Sun Yuchen, member of Huobi's Global Advisory Committee, stating that Hong Kong regulators require any digital asset exchange operator to establish a 100% wholly-owned subsidiary, which must hold a trust company or service provider license—primarily to ensure compliance with anti-money laundering regulations. The licensed entity is responsible for custody of investor funds. In the article, Sun Yuchen clearly pointed out that exchanges acting as broker-dealers can accept clients and charge fees.
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