- Users will be able to trade four different cryptocurrencies upon launch.
- Hong Kong’s securities regulator has decided to allow retail trading in cryptocurrencies.
Huobi Global has announced that it is getting ready to establish its Hong Kong branch for users in the city-state on June 1st. After a year of upheaval in the industry. The Securities and Futures Commission (SFC), Hong Kong’s securities regulator, has decided to allow retail trading in cryptocurrencies.
This week, the Securities and Futures Commission (SFC) of Hong Kong presented its report on the consultation on policy suggestions. In which it agreed to allow licensed virtual asset providers (VASPs) to serve retail investors. So long as operators had knowledge of the risks involved.
Huobi Hong Kong, a new venue in the SAR of China, would be “fully compliant with local regulations and offer a range of trading pairs and services to customers.” Users will be able to trade four different cryptocurrencies (Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and Huobi Token (HT)) upon launch.
Trouble Brews in Malaysia
In addition to increasing its investments in Southeast Asia, Europe, and other locations, the cryptocurrency exchange also plans to extend its ecosystem via mergers and acquisitions.
Its encounter with Malaysia’s regulatory body, however, ended in failure. In a statement released on May 22, the Securities Commission Malaysia (SCM) announced Huobi Global has been ordered to suspend all operations due to its failure to register as a cryptocurrency exchange operator.
It was also told to remove all of its content from the App Store and Google Play. Financial Secretary Paul Chan Mo-po reaffirmed Hong Kong’s crypto promises during the Hong Kong Web3 Festival in April, solidifying the city’s attitude of charging forward to establish itself as a regional crypto center despite a widespread clampdown in the West.
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