Cryptocurrency exchange Huobi yesterday applied to Hong Kong's Securities and Futures Commission (SFC) for a license to offer spot trading of digital assets for retail and institutional investors.
According to the regulator's proposed rules, as of June 1, the operators of crypto trading platforms must obtain a license. Companies that refuse to comply with this requirement are obliged to curtail their activities.
Huobi HK, the exchange's Hong Kong division, will hire auditors and also focus on compliance and anti-money laundering.
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Initially, the platform will offer Bitcoin, Ethereum and "other major currencies."
According to the company:
"Huobi will continue to work with Hong Kong regulators to support the development of a dynamic Web3 hub."
Hong Kong Financial Secretary Paul Chan announced in January the jurisdiction was ready to accept crypto companies from around the world.