The move comes just weeks after the cryptocurrency industry decided to reduce its workforce by 20%, as detailed in our most recent crypto news. If it is granted the license to expand its business in Hong Kong, the trade will increase its workforce in Hong Kong from 50 to approximately 200 people.
Huobi World intends to obtain a license in Hong Kong to accommodate retail prospects as the Chinese language particular administrative region considers new licensing and regulatory measures.
Hong Kong has a new regulatory framework.
Hong Kong has introduced a new regulatory framework that requires cryptocurrency exchanges to register with Hong Kong Securities and SFC to expand their services in the city. The SFC recently opened the new licensing proposals for public comment, with the new regulations set to take effect in June.
As a result, financial service providers and crypto exchanges like Huobi are lining up to be registered under the new rules.
Aside from seeking a license under the new regulation, Huobi intends Travel Rule Universal Solution Technology’ is being Unveiled Jointly by Coinbase, and 17 other Crypto FirmsCastle Island Ventures has Unveiled a new $250M fund for Cryptocurrency Start-ups to open a new crypto exchange, Huobi Hong Kong, to target high-net-worth retail traders and establishments. In an interview with Nikkei Asia, Justin Solar, the founder of Huobi, it was stated that the company plans to increase its workforce in Hong Kong from 50 to 200 by the end of the year.
Solar cites Hong Kong’s friendlier stance on cryptocurrency and a new regulation allowing retail investors to participate in cryptocurrency as the primary reasons for the planned expansion.
Huobi also recently announced the launch of a Visa-backed crypto-to-fiat debit card for Huobi prospects in the European Financial Space.
