Huobi Global, a cryptocurrency exchange platform based in Seychelles, has lodged a license application for its Hong Kong unit to become a regulated virtual-asset trading platform, Forkast reported.
The company applied to the city-state’s Securities and Futures Commission (SFC) for licenses for securities trading and automated trading services.
As part of a proposed amendment to the Anti-Money Laundering and Counter-Terrorist Financing Bill, companies that provide virtual-asset services are mandated to get a license from the SFC to legally operate in Hong Kong.
In June, Huobi obtained licenses to expand its services into New Zealand and the United Arab Emirates, giving the company access to the local tech ecosystem and preferential treatment for tech research and development, capital flows, and taxes.
These licenses come after Huobi’s Thai joint venture lost its operating license, leading to a permanent closure of its Thailand office. The company is also reportedly laying off over 30% of its employees.
See also: A who’s who of projects facing frostbite in the crypto winter
Editing by Miguel Cordon and Arpit Nayak
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